GRANDVILLE, MI—Viking Partners LLC, based in Cincinnati, has purchased the 60,876-sq.-ft. Rivertown Center here.
The property includes tenants current tenants include Qdoba, Noodles and Co., Family Christian Stores, Hallmark and others.Family Fare, a Spartan store, shadow-anchors the property. The center is part of the Rivertown Parkway retail corridor in western Michigan. The company said in a statement that its strategic plan is to increase occupancy and cash flow, reduce operating expenses and to sell the asset once stabilized.
This is the ninth asset in Viking’s Fund II. Since 2011, Viking said the fund has acquired bank-held properties, short sales, motivated sales by distressed owners, mortgage note purchases and recapitalization of overleveraged but otherwise healthy properties, located in the Midwest and Southeast with a transaction range of $2 million to $25 million.