Baceline Investments Grows Retail Portfolio
- Jun 29, 2018
Baceline Investments has acquired four shopping centers, bringing its portfolio to a total of 54 properties, or 2.6 million square feet. The company purchased Capitol Drive Shopping Center in Brookfield, Wis., North Town Center in Fort Worth, Texas, Edge O Lake Shoppes in Nashville, Tenn., and Antelope Plaza in Clearfield, Utah.
The assets, comprising 131,000 square feet of leasable space, traded for a total of $18 million:
- Capitol Drive Shopping Center (35,015 square feet) – $4.3 million
- North Town Center (41,070 square feet) – $5.8 million
- Edge O Lake Shoppes (35,544 square feet) – $6.6 million
- Antelope Plaza (19,904 square feet) – $1.4 million
“All four acquisitions align well with our overall investment strategy,” said David Puchi, managing partner at Baceline, in a prepared statement. “The criteria being neighborhood shopping centers that provide everyday goods and services, internet-resistant tenants and a geographical focus in America’s heartland.”
In January, the company purchased the $6.3 million Piper Plaza in Kansas City, Kan., a shopping center previously owned by McCownGordon Construction. The acquisition was partially funded by the sale of the firm’s Madison & Edgewood Shoppes in Indianapolis for $4.3 million.
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