High Visibility Property Shadow Anchored by Wal-Mart Supercenter and Sam’s Club
Viking Partners Fund I, LLC (“Viking”), acquired a non-performing note with an unpaid balance of $2.37 million secured by Evans Commons Shopping Center located in Evans, Colorado. Since the note acquisition, Viking has completed the foreclosure process and now owns the property. The 17,460 square foot shopping center situated on 1.6 acres of land is 82% occupied by Dollar Tree, T-Mobile and EZ Money. Viking plans to implement an active leasing and management strategy to raise overall occupancy and lower expenses within the shopping center.
In the first and second quarters of 2011, Viking acquired Milford Kroger Plaza located in Cincinnati, Ohio, for $3.45 million; a note with an unpaid balance of $5 million secured by Grand Pointe Shopping Center, located in Grandville, Michigan, and a note with an unpaid balance of $9.785 million secured by Village at Old Trace Shopping Center located in Marietta, Georgia. 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.