Baton Rouge, La. and Nashville, Tenn. — The acquisitions will align with value-add strategy via management improvements and developing adjacent parcels.
Baton Rouge, La., and Nashville, Tenn. — Viking Partners LLC, a Cincinnati-based private equity real estate firm, has acquired Bluebonnet Parc in Baton Rouge, La., for $21.3 million, and Jackson Downs in Nashville, Tenn., for $16.1 million.
Bluebonnet Parc, a 135,367-square-foot property on 18 acres, is situated near the Mall of Louisiana, which sees 15 million visitors each year, according to Viking Partners. Big-box-retailer Best Buy, as well as David's Bridal and Men's Wearhouse, are among the tenants of Bluebonnet Parc, which has an 81 percent occupancy rate. Viking Partners says it will lease the remaining vacant space and develop a currently vacant outparcel into 15,000 additional square feet of leasable retail space.
Jackson Downs in Nashville is shadow-anchored by Target and Kohl's and is comprised of approximately 135,000 square feet on more than 16 acres, with tenants such as Marshalls, OfficeMax, Party City, CATO, Dollar Tree, Pier 1 Imports and GameStop. Jackson Downs aligns with Viking's strategy to add-value via "aggressive" management, leasing, renovations and possible development of an adjacent parcel. "These acquisitions represent long-term potential in areas with stable or growing traffic and sustainable demographics," says Viking Partners manager Bret Caller.
— Scott Reid