Viking Partners Enters South Carolina Office Market with $11.2 Million Buy in Charleston
By: Viking Partners
The acquisition is the culmination of two years of developing relationships and searching the market for an asset that met Viking's disciplined investment criteria, according to company Vice President Aaron Werbel who led the acquisition effort on behalf of the private equity firm.
"This building benefits from credit tenants, and an excellent infill location with limited supply and high barriers to entry," said Werbel. "Its proximity to the Port and the Naval Information Warfare Center makes it an ideal location for defense contractors who need to be within a 10-mile radius of the naval base. At our cost basis, we will further improve the asset and reposition it as a well-located value alternative to the higher priced space in competitive buildings," said Werbel.
Built in 2008, the building located at 5617 N. Rhett Avenue was 100 percent leased to the Fortune 500 company Science Applications International Corporation ("SAIC"). In 2018, SAIC right sized its space for future needs, and the previous ownership backfilled a portion of that space. Viking intends to backfill the remaining 12,000 square feet of vacancy.
"The space had been built out to Class A specs by the seller leaving a modern setup with furniture, fixtures and equipment in place for a new tenant to move right in," added Werbel.
"Charleston is a market we want to continue to grow in," added Viking Principal and Co-Founder Bret A. Caller. "The military presence has provided some stability and growth opportunities there, even through the pandemic. As we continue to build our relationships in the market, we will expand our portfolio there."
Viking invests in value-add and opportunistic office, multifamily, mezzanine debt, mixed use and retail assets located throughout the Southeast, Midwest and Mountain West states across its family of funds and strategic joint ventures. North Rhett Executive Center was acquired on behalf of the firm's fourth value-add fund Viking Partners Fund IV Holdings, LLC.
ABOUT VIKING PARTNERS LLC
Viking Partners Management, Inc. was founded in 2008, and has raised approximately $270 million in equity, mostly from high-net-worth individuals that has resulted in the acquisitions of approximately $1.2 billion of real estate. Viking Partners is currently seeking acquisition opportunities in the Midwest, Mid-Atlantic, Southeast, Southwest, and Mountain West. For more information, visit (http://www.vikingpartnersllc.com).
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