Chesterfield Township, Mich. — Viking plans to add value to the property and sell it once it is stabilized.
Chesterfield Township, Mich. — Viking Partners LLC’s Fund II has acquired Chesterfield Village Square, a 155,958-square-foot center in Chesterfield Township, a suburb of Detroit. The property is situated on nearly 19 acres at the intersection of Gratiot Avenue and 23 Mile Road. Target, Staples and Dunham’s Sporting Goods anchor the center, which is approximately 75 percent occupied. Additional tenants include Panera Bread, Radio Shack, Hallmark, Applebee’s and Famous Footwear.
Chesterfield Village Square is Viking’s 10th asset acquired under its Fund II. The company plans to implement it’s value-add strategy by raising the overall occupancy rate of the property and stabilizing the remaining tenants. After increasing the center’s occupancy rate and reducing its operating expenses, Viking plans to sell the asset.