Viking Partners, a Cincinnati-based private equity real estate firm, has sold the Fishers Crossing shopping center in Fishers, IN, to a private California investor for $4.1 million, it announced today.
Located on 1.16 acres at 7236-7220 Fishers Crossing Drive, the 29,569 square foot center is shadow-anchored by a strong performing Kroger supermarket. Other tenants include Advance America, Pet Supplies Plus, Papa John’s Pizza, Elegant Nails, Café Korea, and Krav Maga.
“This was a perfect deal for Viking to create value with a property that was underperforming in a high demographic area,” stated Steven P. Miller, Viking General Partner. “With the project now fully leased, it was time to realize that value.”
The project was just 55 percent leased when the firm’s Viking Partners Fund II LLC acquired it in early 2012. The project was located in an established Indianapolis suburb with strong demographics. Situated at the intersection of 116th Street and Allisonville Road, the center boasts more than 54,000 vehicles passing each day, and a 2013 trade area population of 156,309 people with an average household income of $92,679. “We were able to fully lease Fishers Crossing in two years. We were able to lease our largest vacancy of 6,400 square feet to Pet Supplies Plus, a national tenant,” added Mr. Miller.
Marcus & Millichap brokered the center sale, while Katz, Teller, Brant & Hild provided legal counsel to Viking.
Fishers Crossing received five offers and is the second disposition by the fund, following the sale of 86,891 square foot Meridian Towne Center in Okemos, MI in August 2013.
“There are more buyers and capital chasing retail deals,” Miller said. “Demand for shopping centers is strong in the United States.”