Midwest Retail Portfolio Acquisition
DENVER (July 7, 2015) – Baceline Investments, LLC, a boutique private equity real estate investment and management company with retail holdings throughout the Central United States, announced today the largest real estate transaction in the history of the firm. Baceline has acquired a portfolio of 10 neighborhood retail centers, totaling approximately 418,000 square feet, located throughout the Midwest and South Central part of the United States for $33,285,000.
The portfolio will be part of Baceline’s High-Yield Income Strategy, designed to produce substantial income through the ownership of stable cash flowing commercial real estate. Baceline’s High-Yield Income Strategy, launched earlier this year with the acquisition of Westgate Shopping Center in Little Rock, Ark., is one of three investment vehicles sponsored by the firm. The other strategies Baceline specializes in include the Debt Free Income and Opportunistic strategies.
The real estate portfolio includes (listed by square footage):
- Park Center (Memphis, Tenn.; 105,032 SF)
- Shoppes of Loveland (Loveland, Ohio near Cincinnati; 64,607 SF)
- Turfway Towne Square (Florence, Ky. near Cincinnati; 55,168 SF)
- Mainline Plaza (Belleville, Ill. near St. Louis; 42,182 SF)
- Fort Plaza (Omaha, Neb.; 39,994 SF)
- Weber Place (Omaha, Neb.; 38,802 SF)
- Midway Plaza (Fairview Heights, Ill. near St. Louis; 27,200 SF)
- Noland View (Independence, Mo. near Kansas City; 18,480 SF)
- Holly Hills (St. Louis; 16,847 SF)
- Eagle Creek (Indianapolis; 9,239 SF)
“The portfolio acquisition is a high water mark for Baceline Investments and takes our holdings to more than two million square feet,” said David Puchi, the firm’s managing partner. “It validates our ability to purchase retail properties in the Heartland that fit our High-Yield Income Strategy and elevates our firm to an entirely new level. By staying true to our ‘Heartland strategy’ we have a proven track record of discovering real estate value in locations that are generally overlooked by many institutional investors who only focus on real estate in high-priced gateway cities on the coasts. We are very excited about these properties fitting into our niche and consider this purchase an excellent opportunity for our investors.”
About Baceline Investments
Founded in 2003, Baceline Investments, LLC is a Denver-based privately held boutique real estate investment and management 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 more cyclical coastal regions.