Baceline Acquires KC Shopping Center, Sells Indy Asset
- Jan 15, 2018
Baceline Investments has purchased Piper Plaza, a shopping center in Kansas City, Kan., for $6.3 million from McCownGordon Construction. The acquisition was partially funded by the sale of the firm’s Madison & Edgewood Shoppes in Indianapolis for $4.3 million.
Built in 2005 at 10940 Parallel Parkway, the property sits within one mile of Interstate 435. The building is situated in a busy retail district of the city and is less than a half mile from the Legends Outlets outdoor shopping center and a number of big-box retailers, including Sam’s Club, Target and Walmart. Two local bus routes operate a stop next to the property. Piper Plaza is 97 percent leased, with Quest Diagnostics, The UPS Store, Danny’s Bar & Grill North and a few smaller tenants occupying the building.
Funding the acquisition
The Madison & Edgewood Shoppes retail property, located at 5855 Madison Ave. in Indianapolis, was sold following just under three years of ownership by Baceline. The company had acquired the shopping center in January 2015 for $2.4 million, according to public records. Tenants in the building include a dental practice, a pet supply store and a few restaurants and salons. A Kroger grocery store under separate ownership sits next to the building.
“Piper Plaza is a notable addition to our portfolio and a quintessential fit for our niche investment approach,” said David Puchi, managing partner of Baceline, in a prepared statement. Regarding the sold property, he added, “Baceline was able to maximize the potential of Madison & Edgewood in a relatively short time by implementing institutional property management and leasing strategies, while replacing obsolete business concepts.”
Last month, Baceline acquired a community shopping center in Madison, Wis., for $3 million.
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