Baceline Acquires Madison Shopping Center for $3M
- Dec 18, 2017
Baceline Investments has acquired a shopping center in the Meadowood neighborhood of Madison, Wis. The company purchased the property from MLG Capital for $3.3 million. In early 2005, MLG bought the property from Midland Realty Inc. for $4 million, according to public records from the city of Madison.
Located at 5750 Raymond Road, the 45,319-square-foot Meadowood Retail Center sits on 3.5 acres. Built in phases between 1964 and 1995, the shopping center was remodeled in 2007, and sits adjacent to bus stops served by five local Metro Transit routes. The building is about one mile south of the Beltline Highway and less than one mile from U.S. Highway 151.
Community-focused tenant mix
The property is 90 percent leased, with many of the tenants being long-term and community focused, such as Old National Bank, Madison Community Center and the Madison Library. Other tenants at the property include a laundromat and two restaurants. A Walgreen’s store on the eastern side of the shopping center is owned by a separate entity and was not included in the transaction.
“Meadowood is in a great community that aligns very well with our income-driven strategy of real estate investment,” said David Puchi, managing partner at Baceline, in a prepared statement. “Our focus is to seek out and identify internet-resistant, neighborhood shopping centers that will expand our portfolio and produce reliable income, and present a significant opportunity for growth.”
This fall, Baceline acquired two other community shopping centers in North Carolina and Minnesota for $12 million.
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