Properties Located in Growing Markets with Strong Value-Add Potential
Viking Partners Fund III, LLC (“Fund III”), a private equity real estate investment firm focused on the acquisition, turnaround and disposition of value-add real estate and real estate related assets in the Midwest and Southeast United States, announced the acquisition of three retail shopping centers for an aggregate purchase price of $59.0 million. The addition of these properties to Fund III’s portfolio expands the company’s presence in Illinois and represents the first acquisitions for Fund III in Florida and North Carolina.
Matthews Corners, located in Matthews, North Carolina is a 167,459 square foot shopping center anchored by national tenants including Marshalls, Hobby Lobby and Jersey Mikes. The property is located 11 miles south of Charlotte and benefits from a strong and growing population with approximately 158,000 people within 5 miles of the shopping center. Matthews Corners was 76 percent occupied at the time of acquisition, providing upside potential through the leasing of 40,000 square feet of vacant retail space.
Southchase Village is a 229,152 square foot grocery-anchored retail shopping center located in Orlando, Florida. The property is anchored by a strong lineup of national retailers including Aldi, Bealls Outlet, Ross Dress for Less, Fallas Paredes, Tuesday Morning and Planet Fitness. It also includes a seven screen Touchstar Cinema. Southchase Village benefits from traffic counts of more than 70,500 vehicles per day passing the property due to its its prime location at the signalized intersection of South Orange Blossom Trail (US 441) and Wetherbee Road. Southchase Village was 83 percent occupied at the time of acquisition.[ssba]