54,000+ Square Foot Property Adjacent to Muncie Mall
Viking Partners Fund I, LLC (“Viking”), has acquired a non-performing note secured by McGalliard Mall Shops located in Muncie, Indiana. The 54,090 square foot shopping center sits on 5.16 acres and features Panera Bread, Buffalo Wild Wings, Subway, Rent-A-Center, Dairy Queen, and other retailers as tenants. McGalliard Mall Shops is optimally situated on an outparcel to Muncie Mall, which is owned and operated by Simon Properties. Viking plans to increase property occupancy, extend short-term tenant leases and reduce overall operating expenses within the shopping center.
McGalliard Mall Shops represents the seventh 2011 acquisition for Viking and the tenth Fund I acquisition. Viking continues to actively pursue value-add opportunities secured by commercial real estate located in the Midwest and Southeast regions of the United States. Current criteria for acquisitions includes: bank-held properties (“REO”), “Short” (pre-foreclosure) sales, motivated sales by distressed owners, mortgage note purchases (“loan-to-own”) and recapitalization of overleveraged but otherwise healthy properties. Viking has a preferred transaction range of $1 million to $25 million.