Viking Partners Pays $16M for Suburban Shopping Center
- Mar 16, 2014
Cincinnati-based private equity real estate firm Viking Partners LLC has announced the acquisition of two high-potential shopping centers: Bluebonnet Parc in Baton Rouge, LA and Jackson Downs in Nashville, TN, spending $37.35 million.
Both properties are in accordance with Viking Partners’ acquisition strategy that targets value-add real estate assets in the $2 million to $50 million range in Midwest or Southeast locations. Furthermore, both locations are situated in affluent suburban areas with feasible demographics and stable or growing, high traffic areas.
Nashville’s Jackson Downs, purchased for $16.1 million, integrates well into this strategy. According to a company news release, Viking will seek to add value by implementing aggressive management and leasing, as well as renovating the property. The almost 135,000-square-foot shopping center could also be expanded, with development on an adjacent parcel. Located on 16 acres off Lebanon Pike, Jackson Downs is shadow-anchored by Target and Kohl’s. Its own tenant roster includes Marshall’s, Office Max, GameStop, Party City, Pier One, CATO and Dollar Tree.
The 135,367-square-foot Bluebonnet Parc in Baton Rouge was picked up for $21.25 million. As previously reported, Bluebonnet was acquired from an affiliate of Retail Properties of America Inc., a national self-managed REIT. According to The Tennessean, Viking affiliate Viking Partners Fund II LLC picked up Jackson Downs from entity Jackson Downs II E&A LLC.
Viking Partners has acquired, developed, leased or managed over four million square feet of commercial retail properties valued at over $450 million.
Image courtesy of Viking Partners