Transaction Represents Largest Acquisition for the Fund III Portfolio
CINCINNATI, OH – October 3, 2016– Viking Partners Fund III, LLC (“Fund III”), a private equity real estate investment firm focused on the acquisition, turnaround and disposition of value-add real estate and real estate related assets in the Midwest and Southeast United States, announced the acquisition of Hurstbourne Business Center, a 418,000 square foot mixed-use property located in Louisville, Kentucky. The transaction, valued at $41 million, represents the largest acquisition for the Fund III portfolio.
Hurstbourne Business Center is comprised of two high-profile and iconic Louisville office buildings, Hurstbourne Place and Hurstbourne Park. It also includes two restaurants, P.F. Chang’s and Z’s Oyster Bar and Steakhouse, and a retail shopping center which is being evaluated for redevelopment to accommodate a variety of uses including retail, hotel or office. Hurstbourne Place and Hurstbourne Park are well occupied at approximately 89 percent and 75 percent, respectively, and provide upside potential through the leasing of approximately 52,000 square feet of vacant office space.
“We are very excited about the acquisition of Hurstbourne Business Center due to its prime location and high visibility in one of the most sought after office markets in Louisville”, said Bret Caller, Principal of Viking Partners. “This acquisition presents us with the unique opportunity to add value to both the office and retail component of the site. We believe the existing retail site is the prime location to create a mixed-use destination that will provide those in the community with a place to both work and play”, he continued.