Baceline Investments Acquires Chicago and Memphis-based Shopping Centers
DENVER--(BUSINESS WIRE)--May 14, 2019--
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 addition three properties including Orchard Crossing and Hickory Creek near Chicago, and The Crossing southeast of Memphis, Tenn.
Baceline purchased Orchard Crossing, a 21,476-square-foot property in Aurora, Ill., for $2.9 million. It will be part of Baceline’s value-add Opportunistic Strategy portfolio. The firm also acquired two shopping centers for its core income fund including Hickory Creek for $4.56 million and The Crossing for $6.3 million. Hickory Creek is a 25,835-square-foot retail center in New Lenox, Ill. The Crossing is a 42,000-square-foot property located in Olive Branch, Miss.
Baceline’s real estate investment strategy focuses on necessity-based neighborhood shopping centers located in markets throughout the US that have value-rich properties at opportunistic prices, less competition, and more supply of quality real estate, as opposed to gateway cities.
“Orchard Crossing is an ideal value-add property. Baceline has teams of experts in leasing, property management and construction, all of whom will work diligently to improve the location and maximize this investment,” said Todd Laurie, Baceline Partner and EVP of investments. “Hickory Creek and The Crossing will be part of our core income portfolio, one that seeks out strong, income-producing neighborhood shopping centers that are resistant to recession and are unaffected by e-commerce.”
The acquisitions bring Baceline’s total number of properties owned to 60, representing more than $300 million in asset value.
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.
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CONTACT: Jim Miller, Bluebird Branding
Katie Lyon, Baceline Investments
KEYWORD: UNITED STATES NORTH AMERICA COLORADO ILLINOIS TENNESSEE
INDUSTRY KEYWORD: CONVENIENCE STORE RESTAURANT/BAR PROFESSIONAL SERVICES REIT BANKING FINANCE RETAIL CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE OTHER RETAIL
SOURCE: Baceline Investments
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PUB: 05/14/2019 10:35 AM/DISC: 05/14/2019 10:35 AM