Cincinnati-based private equity real estate investment company Viking Partners Fund III LLC has purchased three retail shopping centers -- one in Illinois, one in North Carolina and one in Florida.
The total paid for the three properties was $59 million.
The Illinois property, Butterfield Plaza is a 115,000-square-foot shopping center in the Chicago suburb of Downers Grove. Anchor stores include Ross Dress for Less, Dollar Tree, Panera Bread, Catherines, Ferguson Kitchen & Bath and Verizon Wireless. Currently, Butterfield Plaza has 26,000 square feet of vacant space available for lease.
The North Carolina property, Matthews Corners, is a 167,450-square-foot space located in Matthews, 11 miles south of Charlotte. It is anchored by Marshalls, Hobby Lobby and Jersey Mike's. Approximately 75 percent of the center is presently occupied.
Southchase Village is a 229,150-square-foot retail shopping space in Orlando, Florida. In addition to a grocery store, anchor stores include Aldi, Bealls Outlet, Ross Dress for Less, Fallas Paredes, Tuesday Morning and Planet Fitness. At the time of the acquisition, Southchase Village was 83 percent occupied.
“We are excited about the acquisition of these three properties and the growth of our portfolio into strong markets like Charlotte, Orlando and Chicago,” Steven Miller, principal at Viking Partners, said. “The market landscape for value-add properties in the Midwest and Southeast remains competitive and we are pleased that our team was able to identify and close on what we view to be three properties with a great deal of upside potential for our investors.”