Viking Partners Acquires Towers of Kenwood in Suburban Cincinnati in Joint Venture with DRA Advisors
CINCINNATI--(BUSINESS WIRE)--May 16, 2019--
Viking Partners Fund IV, LLC (“Viking Partners”), a private equity real estate investment firm focused on the acquisition, turnaround and disposition of value-add real estate and real estate related assets, announced the acquisition of Towers of Kenwood in north suburban Cincinnati, Ohio. Viking Partners bought the property in a joint venture with a fund managed by New York City based DRA Advisors LLC.
Towers of Kenwood is a Class A, 404,425 SF, seven-story office building located at the intersection of Interstate 71 and Montgomery Road in north suburban Cincinnati. While the building is currently 97% occupied, Viking and DRA are planning additional capital improvements to the asset, including upgrades to restrooms, corridors and lobbies.
“The Kenwood office market provides us with a strong value-add opportunity for rent growth. Towers of Kenwood is a best-in-class asset located within an extremely attractive office sub-market and conveniently located to numerous surrounding amenities,” said Bret Caller, Partner with Viking Partners.
Brett Gottlieb, Managing Director of DRA Advisors LLC said of the investment, “DRA is excited to partner with Viking on this acquisition and expand our existing joint venture relationship. This Class A property is ideally positioned within a strong office submarket.”
ABOUT VIKING PARTNERS, LLC
Since 1991, the principals of Viking Partners have invested in more than 100 commercial real estate projects totaling over four million square feet and valued at more than $560 million. Viking Partners is currently seeking acquisition opportunities in the Midwest, Mid-Atlantic, Southeast and Southwest with a transaction range of $10 million to $50+ million.
ABOUT DRA ADVISORS LLC
DRA Advisors LLC was founded in 1986 and is a Registered Investment Advisor that specializes in real estate investment and management for institutional investors. As of December 31, 2018, DRA has completed acquisitions of 1,642 properties in 38 states valued at over $32 billion, consisting of 53 million square feet of office, 57 million square feet of industrial, 60 million square feet of retail, and 69,697 multifamily units. DRA is headquartered in New York City, with regional offices in San Francisco and Miami. For more information, visit www.draadvisors.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190516005829/en/
CONTACT: Carl Goertemoeller
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK OHIO
INDUSTRY KEYWORD: PROFESSIONAL SERVICES REIT CONSULTING FINANCE OTHER PROFESSIONAL SERVICES CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Viking Partners
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PUB: 05/16/2019 11:31 AM/DISC: 05/16/2019 11:31 AM