VIKING PARTNERS FUND II TENTH ACQUISITION: CHESTERFIELD VILLAGE SQUARE, NEAR DETROIT
Property Acquisition - May ,30 2013Retail Center Is Well Positioned In Reinvented Macomb County
CINCINNATI, OH – MAY 30, 2013 – Viking Partners LLC, a Cincinnati-based private equity real estate firm, has acquired Chesterfield Village Square, a retail shopping center
located in Chesterfield Township, Macomb County, Michigan. This transaction represents the tenth acquisition of Viking Partners through its Fund II investment vehicle. Terms of the sale were not disclosed.
Chesterfield Village Square is strategically located within Macomb County, a suburban area of Detroit. As a result of the recent recession and downturn of the automotive industry, Macomb County has reinvented itself, with significant increases in jobs within the healthcare and food sectors. This has resulted in higher per capita incomes and a growing population. Chesterfield Village Square is ideally situated at the intersection of two major Macomb County thoroughfares, Gratiot Avenue and 23 Mile Road. Daily traffic counts at the intersection exceed 43,000 vehicles on a daily basis. The 155,958 square foot shopping center was built in phases from 1995 to 2003 on nearly 19 acres of land. It includes major anchor tenants such as Target, Staple’s and Dunham’s Sporting Goods. Other tenants include Panera Bread, Radio Shack, Hallmark, Famous Footwear, and Applebee’s.
Chesterfield Village Square has over 35,000 square feet of well-positioned vacant space that will allow for Viking to implement its value-add strategy by raising the overall occupancy and stabilizing the remaining tenants. Viking’s plan for the center is to increase occupancy, 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.