McGalliard Mall Shops

McGalliard Mall Shops | Muncie, IN | Retail | Fund

McGalliard Mall Shops is a 59,292 square foot retail strip center located in the Muncie, Indiana. Fund I acquired title to the center by negotiating deed-in-lieu of foreclosure with the prior owner. We were able to execute our plan of increasing the occupancy as well as purchasing McGalliard Mall Shops II, a two tenant building out front of the center. Viking was able to increase the occupancy from 48.42% to 97.98%. The sale price was $8,780,000, 164.10% higher than the original note purchase, plus the purchase of the outlot building.

Acquisition: Non-Performing Note
Duration of ownershop:  28 months
Equity Multiple:  4.19*
Gross Return: 102.53% IRR*

DISCLAIMER:

Past performance is not indicative of future results and there can be no assurance that Viking Partners Fund III will achieve comparable results.
*All amounts are reported on a Gross Basis, before fees to Viking Partners.