VIKING PARTNERS FUND II ACQUIRES CENTRAL PARKE MIXED-USE PORTFOLIO IN NORWOODProperty Acquisition - March ,28 2014
Acquisition Represents Largest Deal Ever for Viking Partners
Partners Fund II LLC, a Cincinnati-based private equity real estate firm, has acquired Central Parke, a mixed-use development comprised of eleven buildings at 4600 Montgomery Road, Norwood, Ohio, a suburban area of Cincinnati, Ohio.
Ideally located with direct access to 1-75 and 1-71 off of the Norwood Lateral, Central Parke consists of eleven buildings on over 45 acres, including a seven level parking garage with capacity for 1,400 vehicles, as well as multiple surface parking lots. Total square footage is 811,670, which includes over 300,000 square feet of Class A office space and a retail component. Tenants include US Bank, TriHealth, ITT Education Services, and its largest tenant, Cincinnati Bell. The property is currently 67% occupied. Viking plans to actively market the available space.
“Central Parke is ripe with opportunities. Demand for space in this area has been strong historically. With its great location and our willingness to spend money on capital improvements, we expect to fill the existing vacancy quickly,” said Steven Miller, Managing Partner, Viking Partners. Terms of the deal were not disclosed.
Viking Partners seeks to acquire value-added real estate opportunities located in the Midwest and Southeast with a transaction range of $2 million to $50 million. Acquisition submittals should be addressed to Greg Scheper firstname.lastname@example.org and Lev Orlov email@example.com or (513) 793-9919.