VIKING PARTNERS FUND II ACQUIRED RIVERTOWN CENTER IN GRANDVILLE, MICHIGANProperty Acquisition - April ,10 2013
Retail Center Strategically Positioned Along The Rivertown Parkway Retail Corridor
Viking Partners LLC, a Cincinnati-based private equity real estate firm, has announced the acquisition of Rivertown Center, a shopping
center located in Grandville, Kent County, Michigan. Viking acquired the center from a major financial institution. This represents the ninth acquisition for Viking Partners though its Fund II investment vehicle. Terms of the sale were not disclosed.
Rivertown Center is strategically located within the River Parkway retail corridor, West Michigan’s second largest retail corridor. The center was built in 2000 on 6.48
acres and includes 60,876 square feet of retail space. The property is shadow-anchored by Family Fare (Spartan Stores). Other current tenants include Qdoba, Noodles and Company, Family Christian Stores, and Hallmark.
Rivertown Center has over 17,000 square feet of well-positioned vacant space that will allow for tremendous upside potential through raising the overall occupancy and stabilizing the remaining tenants. Viking’s strategic plan to add value is to increase occupancy and cash flow, reduce operating expenses, and, once stabilized to sell the asset.
Viking Partners seeks to acquire value-added real estate opportunities located in the Midwest and Southeast with a transaction range of $2 million to $25 million.