Sale of Evans Commons and Scenic Square Represents Continued Marketplace Interest in Shopping Center Properties
Viking Partners LLC, a Cincinnati-based private equity real estate firm, sold two assets from its Fund I Portfolio in the first quarter of 2014. Evans Commons, a 17,460 square foot retail shopping center located in Evans, Colorado, sold for $1,885,000. Scenic Square a 70,060 square foot Michael’s anchored shopping center in Snellville, Georgia (Atlanta MSA) sold for $4,515,000.
Evans Commons was acquired by Viking Partners in 2011 as a non-performing loan. Viking foreclosed on the previous borrower and acquired fee simple title to the asset, which is situated on 1.6 acres with tenants T-Mobile, Dollar Tree and EZ Money, among others, and is shadow-anchored by Sam’s Club and adjacent to a Wal-Mart. In line with its strategy, Viking Partners extended terms of existing leases and worked to lower overall expenses at Evans Commons. The property was sold to a private California-based investor.
Scenic Square was also acquired by Viking Partners in 2011 as a non-performing loan. Viking was able to negotiate a deed-in-lieu of foreclosure to obtain fee simple title to the asset, which is situated on 6.64-acres in an affluent suburb of Atlanta, Georgia, and anchored by Michael’s. Scenic Square is ideally located in a busy shopping thoroughfare near major retailers Target, Kohl’s and Publix. Existing tenants include Cornerstone Bookstore, Stevi B’s Pizza and Ladies Workout Express. Viking Partners increased the occupancy to over 91% in less than three years under management and increased net operating income over 92%. Scenic Square was sold to a private Georgia-based investor.
“With both properties, we were able to cut operating expenses and increase occupancy substantially making them attractive to potential buyers,” said Bret Caller, Managing Partner, Viking Partners.
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.