An Overland Park shopping center is off the market, thanks to a Cincinnati-based private equity real estate investment firm. CoStar reports that Viking Partners Fund III has purchased the 80,047-square-foot Overland Pointe Marketplace, located at 135th Street and Antioch Road, for $8.5 million.
The center, anchored by Babies “R” Us and Golf Galaxy, boasts a 94 percent occupancy rate and is located in a quickly growing corridor and affluent community. The center benefits from the 190,000 residents within its five-mile radius, and is riding high on the expectation of another 5 percent population growth.
The acquisition marks Fund III’s first foray into the Kansas market, adding to its $500 million portfolio of 4 million square feet across more than 100 properties. According to CoStar, Viking Partners operates throughout the Midwest and southeast U.S. and is looking for more opportunities to acquire additional properties in the transaction range of $2 to $50 million.
Amy Sands, Clinton Mitchell and Sean Fogarty of HFF represented the seller, DDR Corp.