Baceline Investments has acquired two shopping malls for $7.1 million. Included in the deal were St. Louis-based Grand Marketplace and Tucson, Arizona-based Cortario Crossings.
DENVER (May 3, 2018) – Baceline Investments, LLC, a boutique private equity real estate investment and management company with neighborhood shopping center holdings throughout the Central United States, has announced the acquisition of two properties for $7.1 million bringing the portfolio total to 29 with a value of nearly $160 million. Baceline has acquired Grand Marketplace in St. Louis for $2.21 million and Cortaro Crossings in Tucson, Ariz. for $4.91 million.
Grand Marketplace is a 9,971-square-foot neighborhood center that was constructed in 2007. Located just north of Highway 40 and North Grand Blvd., it is currently 100 percent leased, including tenants City Gear, Instant Tax Service, Boost Mobile and Check n’ Go. The center is shadow anchored by Save-A-Lot and Walgreens stores.
Cortaro Crossing, located at 5850 W. Arizona Pavilions Dr., is a 19,901 SF multi-tenant neighborhood shopping center located in a predominate retail hub known as the Arizona Pavilion, and serves a large customer base due to limited competing centers and its proximity to I-10. Tenants include local restaurants, Taekwondo and insurance operators.
“Our investment strategy focus zeroes in on neighborhood shopping centers that provide everyday goods and services and community convenience,” said David Puchi, Baceline’s Managing Partner. “This means businesses that are internet-resistant and located in highly visible and densely populated communities. Grand Marketplace and Cortaro Crossings perfectly align with this strategy and are great additions to our portfolio.”
Baceline’s targeted core income strategy focuses on holdings in the country’s midsection and is designed to benefit investors who seek to earn consistent and higher levels of distributable income from their portfolio.
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 cash-flowing, necessity-based everyday goods and services neighborhood shopping centers located in select secondary markets across America’s Heartland. By avoiding high-priced and competitive commercial real estate markets on the coasts, Baceline’s Heartland focus provides untapped investment opportunity. This unique approach allows investors to better diversify their investment portfolio. Learn more about Baceline Investments at www.bacelineinvestments.com or LinkedIn.