Sale of Meridian Towne Centre Represents Strong Market and Elevated Buyer Interest
CINCINNATI, OH – September 26, 2013 – Viking Partners LLC, a Cincinnati-based private equity real estate firm, has announced the sale of Meridian Towne Centre, a grocery-anchored shopping center located in Okemos, Meridian Township, Michigan. The shopping center was acquired by a Missouri-based real estate investment firm. This transaction represents the first successful exit within Viking Partners’ Fund II investment vehicle. Mid-America Real Estate brokered the transaction on behalf of Viking Partners. Terms of the sale were not disclosed.
Meridian Towne Center is an 86,891 square-foot shopping center located directly across from Meridian Mall, a regional shopping mall, and two miles from East Lansing, home of Michigan State University. The center features a lineup of national tenants with strong credit ratings, including Marshall’s, David’s Bridal, FedEx Kinko’s, Sally Beauty Supply and Stride Rite. The center features two individually-owned anchor spaces which are occupied by Target and Kroger.
After acquiring the property in June 2012, Viking succeeded in increasing occupancy by 16% and net operating income by 63%. Regarding the transaction, Viking managing partner Bret Caller noted that, “This sale continues our practice of acquiring properties with long-term potential in areas with stable or growing traffic and sustainable demographics. Through our core investment strategy, we have bought desirable properties such as Meridian, stabilized them and, due to marketplace demand, sold properties with better than expected returns for our investors.” Caller added, “In the current low-interest rate environment, we plan to continue acquiring shopping centers that have a high level of potential.”
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.