VIKING PARTNERS PURCHASES A NOTE SECURED BY A MICHIGAN SHOPPING CENTERProperty Acquisition - April ,01 2011
Strategy to Attract New Tenants, Enhance Property for Existing Tenants and Customer
Viking Partners Fund I (“Viking”), has acquired a note with an unpaid balance of $5,000,000 secured by Grand Pointe Shopping Center, 4747 Wilson Avenue, Grandville, Michigan, a 25,635 square foot shopping center with current tenants including Verizon Wireless, GameStop and Electric Beach. The property was built in 2004, sits on 4.38 acres and is currently over 50% occupied.
Last month Viking announced the acquisition of the Milford Kroger Center in the Cincinnati, OH for $ 3.45 million. Viking continues to actively seek value- add opportunities secured by commercial real estate in addition to its platform of investing in non-performing loans secured by commercial real estate in the Midwest and Southeast. Fund I has a preferred transaction range of $1 million to $25 million.