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 Overland Pointe Marketplace, a retail shopping center located in Overland Park, a suburb of Kansas City. The transaction, valued at $8.5 million, represents the first acquisition for the Fund III portfolio in Kansas.
Overland Pointe Marketplace is an 80,047 square foot shopping center anchored by Babies R Us and Golf Galaxy. The property also benefits from a strong lineup of shadow anchor tenants including Sam’s Club, Home Depot and Aldi. Overland Pointe Marketplace is located in one of Kansas City’s fastest growing and affluent communities with over 190,000 people within 5 miles of the shopping center and projected population growth of over 5 percent. The shopping center was 94 percent occupied at the time of acquisition.
“We believe the acquisition of Overland Pointe Marketplace represents a unique opportunity to expand our portfolio and enter the growing Kansas City marketplace”, said Bret Caller, Principal of Viking Partners.[ssba]