By Ioana Neamt
Detroit—Viking Partners Fund III LLC recently announced it acquired a 130,424-square-foot retail center in Clawson, Mich., marking the fund’s first acquisition in the Wolverine State.
Located in a strong trade area at the Southeast corner of W. 14 Mile Road and Crooks Road, with a population of more than 109,000 people within 3 miles, Clawson Center is anchored by an Aldi grocery store, and is also home to Staples, Rite Aid, O’Reilly Auto Parts, and Dollar Tree, among others. The property was 80 percent occupied at the time of sale and features roughly 25,500 square feet of vacant space available for leasing.
“Clawson Center is an attractive purchase for our team as it presents the opportunity to capitalize on recent leasing momentum and attract additional tenants to an already strong mix of quality national and local retailers,” Steven Miller, principal of Viking Partners, said in a prepared statement. “We believe Clawson Center’s strategic position between two regional trade areas and densely populated residential communities, position the property well for future growth and stabilization.”
Since its inception back in 1991, Viking Partners has invested in more than 100 commercial real estate assets totaling more than 4 million square feet and valued at more than $500 million.
Image courtesy of Viking Partners