Baceline Grabs Value-Add Opportunity in Chicago Metro
- Jan 14, 2016
Chicago—Baceline Investments LLC of Denver recently expanded its portfolio with the purchase of a neighborhood shopping center in suburban Chicago. The company purchased the 15,464-square-foot Century Plaza retail center at an undisclosed price.
Located at 2801 Ogden Ave. in Lisle, Ill., roughly 15 miles from downtown Chicago, Century Plaza was built in 2002 and is home to ten retail stores. The center’s tenant roster includes Dunkin’ Donuts, Jimmy John’s, and Domino’s Pizza.
“Situated along a busy and heavily traveled retail corridor, it is considered a premier retail destination. Baceline’s goal is to take an aggressive, hands-on approach to revitalize Century Plaza and bring it back to life, making it a retail center that the local community will once again embrace,” said David Puchi, managing partner at Baceline.
The acquisition of Century Plaza marks Baceline’s fourth addition to its Value-Add/Opportunistic Strategy portfolio. The strategy focuses on investment in distressed or neglected neighborhood shopping centers throughout America’s Heartland, which present an untapped potential.
“Century Plaza is an ideal acquisition for our Opportunities Fund as it is located in a thriving neighborhood in suburban Chicago and the prior owner was disinterested and financially constrained from adding value to the property,” Puchi explained.
Baceline’s geographical focus on the middle United States and its focus on identifying properties that have significant revitalization opportunity allow the firm to acquire real estate at favorable pricing.
Image courtesy of Coldwell Banker Commercial