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, including the firm’s first in North Carolina. The firm purchased Central Plaza Shopping Center, an 82,478-square-foot neighborhood shopping center located in Columbia Heights, Minn.; and Galleria Village (34,690 SF) in Charlotte.
Baceline acquired Central Plaza from Central Plaza Associates, LLC, an affiliate of Paster Properties, for $7.22 million. Baceline purchased Galleria Village for $5.1 million from an affiliate of Cohen Equities.
Central Plaza is located at 725 45th Ave. NE in Columbia Heights, six miles north of downtown Minneapolis. The neighborhood shopping center is currently 92 percent occupied. Galleria Village is in southeast Charlotte at Galleria Blvd. and Sardis Road. Currently 83 percent leased, nearly 27,000 vehicles pass the retail outlet each day.
“Owning neighborhood shopping centers like Central Plaza and Galleria Village fit our core income strategy well,” said David Puchi, Baceline’s Managing Partner. “Since both are highly visible in densely populated regions, they provide everyday goods or services to vibrant communities. Simultaneously, they produce reliable income and present a significant opportunity for growth.”
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 investment portfolio. Central Plaza is Baceline’s only holding currently located in Minnesota and Galleria Village is Baceline’s first in North Carolina. Baceline’s core income fund now consists of 13 properties with a total value of $96 million.
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.
