Dakota Plaza Acquisition
Baceline Announces Purchase of Dakota Plaza Retail Center in Austin, Texas; Completes Sale of Renewal Medical Center
Baceline Investments, LLC, a boutique private equity real estate investment and management company with retail holdings throughout the Central United States, announced two deals today including the acquisition of Dakota Plaza, a retail center in Austin, Texas, and the sale of Renewal Medical Center, a medical office building in Lone Tree, Colo.
Baceline purchased Dakota Plaza, a 21,700-square-foot retail center constructed in 2006 from Colorado-based Western Dakota, LLC. Located at 8516 Anderson Mill Road in Austin, Dakota Plaza serves as the only neighborhood shopping center in a growing and affluent area of the city.
“Relative to current market prices for similar property in Austin, the acquisition of Dakota Plaza comes into our portfolio at a real value,” said David Puchi, managing partner of Baceline Investments. “With an already strong occupancy rate, notable tenants, and a terrific location, Dakota Plaza is a well-kept real estate secret in an active and developing community.”
Baceline also announced the sale of Renewal Medical Center, a 38,586-square-foot medical office building in south suburban Denver. Acquired in 2011 to be part of the firm’s Value-Add strategy, Baceline sold the property last month to Medical Properties of America, Inc. (MPA Lone Tree, LLC). Renewal Medical Center is located at 9777 S. Yosemite St. and adjacent to Park Meadows Mall, one of the region’s largest traffic-generating retail centers.
“The sale of Renewal Medical Center resulted in another profitable investment for Baceline and its partners,” Puchi added. “As we begin to sell real estate purchased at a discount during the recession, we are seeing positive returns from these investments that benefit our stakeholders.”
Baceline’s Value-Add strategy is designed to invest in commercial properties or loans that have unrecognized potential because they are distressed or otherwise have neglected ownership.
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.