Sale Represents the Final Disposition for Viking Partners Fund I
Viking Partners Fund I (“Fund I”), launched in 2009 by Viking Partners, LLC, a private equity real estate investment firm focused on the acquisition, turnaround and disposition of value-add real estate and real estate related assets in the Midwest and Southeast United States, completed the sale of Crossroads Town Center, located in Howell, Michigan. This transaction represents the tenth and final sale for Fund I, successfully closing the fund ahead of schedule with returns in excess of initial targets.
Crossroads Town Center is a 102,275 square foot shopping center anchored by Kroger. Other national tenants include Subway, Great Clips, Little Caesars, and H&R Block. Fund I acquired Crossroads Town Center in August 2011. At the time of acquisition the center was 77.9 percent occupied. Viking Partners executed on the focused leasing plan for the center, improving occupancy to 87.5 percent and increasing net operating income by 94 percent.
“We are pleased to announce the sale of the final asset in our Fund I portfolio as this transaction represents an important milestone for our company. By executing on our investment objective to buy the right asset, fix the asset through leasing and sell the asset at the right time, our team surpassed the return expectations for our Fund I investors,” said Bret Caller, Principal of Viking Partners.[ssba]