Baceline Investments has acquired Kansas City-based Piper Plaza, a neighborhood shopping center, for $6.3 million. The seller was an unnamed Kansas City-based investment firm. Also, the real estate investment firm sold Indianapolis-based Madison & Edgewood Shoppes, a retail center for $4.3 million to an unidentified New York investor.
DENVER–(BUSINESS WIRE)–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 Piper Plaza, a 37,624-square-foot neighborhood shopping center in Kansas City. The firm also announced it has successfully completed the sale of Madison & Edgewood Shoppes, a 48,716 SF retail center in Indianapolis, acquired in Jan. 2015.
Located at 10940 Parallel Parkway, Piper Plaza is an everyday goods and services shopping center currently 97 percent leased. Notable tenants include Quest Diagnostics, Piper Family Dentistry, The UPS Store and Danny’s Bar & Grill. More than 10 million people visit the area annually, located across from Sporting Kansas City Stadium and the NASCAR Speedway. Baceline purchased the property for $6.3 million from a Kansas City-based investment group.
“Piper Plaza is a notable addition to our portfolio and a quintessential fit for our niche investment approach,” said David Puchi, Baceline’s Managing Partner.
Madison & Edgewood Shoppes, acquired by Baceline for $2.5 million, was sold last month to a New York-based investor for $4.3 million after 35 months of ownership. Baceline’s management of the property during that time improved the overall mix of business tenants and saw occupancy grow 26 percent. The retail center is located at 5855 Madison Ave.
“Baceline was able to maximize the potential of Madison & Edgewood in a relatively short time by implementing institutional property management and leasing strategies, while replacing obsolete business concepts,” Puchi said.
Baceline’s targeted 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.