Baceline Investments has acquired two shopping malls for a combined total of $14.12 million. The transactions include the acquisition of Albuquerque, New Mexico-based Shoppes at San Mateo for $7.12 million and Louisville, Kentucky-based Shoppes at Forest Green for $7 million.
DENVER (May 18, 2017) – Baceline Investments, LLC, a boutique private equity real estate investment and management company with retail holdings throughout the Central United States, has announced the acquisition of two cash flowing, everyday-goods-and-services neighborhood shopping centers totaling more than 100,000 square feet. The firm successfully closed on the Shoppes at San Mateo, a 52,548 SF property located in Albuquerque, N.M. for $7.12 million, and Shoppes at Forest Green (48,716 SF) in Louisville, Ky. for $7 million.
With the addition of the shopping centers to the firm’s High Yield Income Fund, Baceline has six properties in the portfolio. They include Point Plaza and Glendale Square in Milwaukee, MLK Plaza in St. Louis and Clinton (Utah) Towne Center.
The Shoppes at San Mateo is located at the northwest corner of San Mateo Blvd. and Osuna Rd., an intersection that sees nearly 50,000 vehicles per day. Key tenants include Pier 1 Imports, Schlotzsky’s, Pizza Hut and Weight Watchers. Baceline acquired the property from LS Capital.
The Shoppes at Forest Green, located at 10001 Forest Green Blvd., sits across from Hurstbourne Green Office Park, a 1.9 million SF corporate campus office park. Currently 84 percent leased and stable, the shopping center includes restaurant, medical and service retail tenants. The seller was a private investor.
“Bringing the Shoppes at San Mateo and Shoppes at Forest Green into our High Yield Income Fund portfolio is exciting on many fronts,” said David Puchi, Baceline’s Managing Partner. “Based on location and community, we see significant opportunity for producing high levels of income and seeing growth from these properties. They are in very active and highly visible locations, a key strategic element as we focus on accumulating vibrant, like-kind, neighborhood-based properties for our portfolio.”
Puchi adds, “Unlike the fallout in big box retail that is occurring today, well located, neighborhood-based shopping centers are continuing to gain momentum as excellent investment opportunities as they provide the venue for neighborhood residents to buy their everyday necessities, whether these are goods or services.”
Baceline’s High Yield Income Fund 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 investment 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.