Grand Marketplace Acquisition
Baceline Announces Purchase of Grand Marketplace in Saint. Louis, Missouri
Baceline Investments, LLC, a boutique private equity real estate investment and management company with retail holdings throughout the Central United States, announced today the firm has completed the acquisition of Grand Marketplace, a neighborhood shopping center in St. Louis. The property is the fifth in The Baceline Debt Free Income Fund IV and also marks the latest in a series of real estate acquisitions for Baceline in the central part of the United States.
Built in 2007, Grand Marketplace is located at 1401-1405 N. Grand Blvd., one mile from St. Louis University. Baceline purchased the 9,971-square-foot shopping center for $1,275,000 from Koman Properties. Currently 82% leased, the shopping center has a tenant roster that includes City Gear, Boost Mobile and Check ‘n Go, and is shadow-anchored by Walgreens directly across Grand Blvd.
“Grand Marketplace is a good fit for the Debt Free Income Fund IV due to its high visibility, lack of competing retail space, vehicle and pedestrian traffic, and solid neighborhood consumer base,” said David Puchi, managing partner of Baceline Investments. “With no makeover work needed, we will immediately focus on the overall management of the property ensuring it is an attractive and accessible retail center for customers for years to come, as well as a strong cash-flowing property for our investors.”
Puchi also noted the significance of the St. Louis acquisition, “While coastal locations continue to demand extremely high real estate prices, Baceline has been successful in finding value in America’s Heartland.”
Baceline’s Debt Free Income Fund concept was launched in 2003 and currently includes a diversified portfolio of primarily retail properties. Using its “debt free” acquisition strategy, Baceline executes a stabilization program designed to maximize investor value upon the sale of the property.
About Baceline Investments
Founded in 2003, Baceline Investments, LLC is a Denver-based privately held boutique real estate investment company that specializes in the acquisition, management, and sale of necessity-based shopping centers in select secondary markets across America’s Heartland. This unique geographic focus allows investors to better diversify their investment portfolio while avoiding exposure to overly competitive larger markets and the more cyclical coastal regions.