Viking Partners Fund I, a private equity real estate investment firm, has acquired a loan note with an unpaid balance of $5 million secured by Grand Pointe Shopping Center in Grandville, Mich.
Built in 2004, the 25,635 sq. ft. shopping center near Grand Rapids sits on 4.38 acres and is more than 50% occupied. Tenants include Verizon Wireless, GameStop and Electric Beach Tanning.
In a separate transaction, Viking announced in March the acquisition of the Milford Kroger Center in Cincinnati for $ 3.45 million.
Viking seeks value-add opportunities secured by commercial real estate, in addition to its platform of investing in non-performing loans secured by commercial real estate in the Midwest and Southeast.
The fund concentrates on acquiring first mortgage loans that show strong potential for increased performance through leasing, redevelopment and expansion.
Viking has a preferred transaction range of $1 million to $25 million.