Viking Partners Fund III, LLC (“Fund III”), announced the acquisition of Clawson Center, a grocery-anchored retail shopping center located in Clawson, Michigan, a suburb of Detroit. The transaction represents the first acquisition for the Fund III portfolio in Michigan.
Clawson Center is a 130,424 square foot shopping center anchored by an Aldi grocery store. The property also benefits from a strong lineup of national retailers including Staples, Rite Aid, O’Reilly Auto Parts, Dollar Tree and Play It Again Sports. Clawson Center is well located in a strong trade area and benefits from a population of over 109,000 people within 3 miles and average household incomes of over $84,000. The shopping center was 80 percent occupied at the time of acquisition and provides upside potential through the leasing of approximately 25,500 square feet of vacant space.
“Clawson Center is an attractive purchase for our team as it presents the opportunity to capitalize on recent leasing momentum and attract additional tenants to an already strong mix of quality national and local retailers”, said Steven Miller, Principal of Viking Partners. “We believe Clawson Center’s strategic position between two regional trade areas and densely populated residential communities, position the property well for future growth and stabilization”, he continued.[ssba]