Thursday, November 8, 2018

Viking Partners Acquires Office Assets in Suburban Philadelphia, PA

by Steve Lubetkin,
Cincinnati, OH-based Viking Partners Fund, a private equity real estate investment firm focused on the acquisition, turnaround and disposition of value-add real estate and real estate related assets, has acquired Bucks Town Corporate Center in Langhorne, PA, and Forest Park 1 in Charlotte, NC. Financial terms were not disclosed.

The Bucks Town Corporate Center was previously owned by an affiliate of LNR Property Corp. in Miami, FL, which acquired the asset in March 2017 from Lingwood Partners. Lingwood acquired the property from Liberty Property Trust in September 2007 for $20 million, according to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions.
“Both Bucks Town and Forest Park fit well within Viking’s business model of uncovering value-add assets in key strategic markets and implementing well thought redevelopment plans,” says Bret Caller, principal with Viking Partners. “We feel there is tremendous upside opportunity with each of these assets.”

Bucks Town Corporate Center is a 142,000 square-foot, five-building office/flex complex located at Middletown Blvd. and Town Center Drive in Langhorne. Bucks Town is adjacent to Oxford Valley Mall and convenient to both I-95 and State Route 1.
Forest Park 1 is a two-building asset totaling 52,175 square feet located on Forest Park Circle in southwest Charlotte near I-77, I-485 and Charlotte Douglas International Airport.

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