VIKING PARTNERS ACQUIRES THREE RETAIL SHOPPING CENTERS IN 2017 FOR $23.5 MILLIONProperty Acquisition - September ,01 2017
Viking Partners Fund III, LLC (“Fund III”), is pleased to announce the acquisition of Brannon Crossing Center in Nicholasville, Kentucky, Wolf Creek Plaza in Bellevue, Nebraska and Roseville Town Center in Roseville, Michigan. These three 2017 retail property acquisitions provide additional value add opportunities to the existing Viking Fund III portfolio.
BRANNON CROSSING CENTER – NICHOLASVILLE, KENTUCKY
Built in 2005, the center features 56,000 SF of lease space and is anchored by Marshalls with an additional 28,000 SF of small shop space. Brannon Crossing Center is part of a larger shopping destination totaling 750,000 SF with shadow anchors such as Kroger and Hobby Lobby.
Bret Caller, Principal of Viking Partners, sees the Brannon Crossing Center purchase as an investment in one of the fastest growing suburban markets in the Greater Lexington area. “With an increasing, affluent Nicholasville population, and a high-visibility location. Viking is enthusiastic about the growth potential for Brannon Crossing Center.” Plans are underway for continued development of the property, including space for the addition of a second national junior box retailer.
WOLF CREEK PLAZA – BELLEVUE, NEBRASKA
Anchored by JOANN Fabric, Petco and other nationally recognized tenants, Wolf Creek Plaza offers 119,000 SF of retail space, shadow anchored by a WalMart Supercenter The property includes a vacant 47,000 SF former Gordmans store that is optimal for redevelopment and releasing. Viking Partners is actively negotiating with multiple tenants. There is also 26,000 SF of small shop space that is currently 90+% occupied.
The property serves the high-growth south suburban population of Omaha. Additionally, Offutt Air Force Base is located one exit south of the center, which was a strong consideration in the acquisition.
ROSEVILLE TOWN CENTER – ROSEVILLE, MICHIGAN
Located 18 miles north of Detroit in Michigan’s third largest county (Macomb), Roseville Town Center is optimally located in a three-mile regional trade corridor. It serves a surrounding five mile population of over a quarter million people and offers convenient access to I-94 an I-695 interstates. The property features excellent visibility situated a the busy corner of Twelve Mile and Gratiot Roads.
Roseville Town Center offers 98,000 SF of retail space anchored by Marshalls, Five Below, Dollar Tree, CVS and Outback Steakhouse and is shadow anchored by a Walmart Supercenter.
Twenty three thousand square feet of available vacancy next to Marshalls provides a significant value add opportunity. Additionally, Viking secured, post-closing, an adjoining .9 acre outparcel for future development.[ssba]