Three separate retail shopping centers namely: Indian Creek Commons; Louisville Kroger Center; and Grand Central, located in the submarket of Indianapolis, Louisville and Cincinnati, respectively, were recently sold by Viking Partners Fund II for an aggregate purchase price of $17.6 million.
"The ability of our team to locate good properties in solid markets and execute on the turnaround plans for each property, resulted in strong interest from several buyers who were seeking retail real estate buying opportunities in secondary markets," said Bret Caller, Principal of Viking Partners, in their press release in Business Wire. "We believe the demand and resulting sale of these properties support our investment thesis of acquiring properties in secondary and tertiary markets, as they produce stable cash flows and provide a good risk adjusted return for our investors."
Indian Creek Commons, a 59,716-square-foot shopping center in Indianapolis, Indiana, is shadow-anchored by a Walmart Supercenter and is also home to nationally-known tenants such as Pet Supplies Plus, Rainbow, Sally Beauty, Buffalo Wild Wings and Dollar Tree.
Louisville Kroger Center, a 51,906-square-foot store in Louisville, Kentucky, is a stand-alone Kroger grocery store that was acquired by Viking Partners in November 2014.
Grand Central Station, a 76,057-square-foot shopping center located in Cincinnati, Ohio, is anchored by Fitworks Gym and also has other respected tenants such as Youthland Academy, Sherwin William, Rent-A-Center, Arby's and PNC Bank.
Viking Partners is a private equity real estate firm that owns and operates a portfolio of real estate assets, including office and mixed use with an emphasis on retail. The company specializes in acquiring well-located commercial properties throughout Midwest and Southeast United States that has strong value added potential.
Since 1991, the principals of Viking have invested in more than 100 commercial real estate projects totaling over four million square feet and valued at more than $500 million.
