Baceline Acquires 2 Shopping Assets for $12M
The company acquired its first North Carolina shopping center when it acquired Galleria Village, which is currently 83 percent leased to various tenants. The company also bought Central Plaza in Minnesota, another shopping center, that is currently 92 percent occupied.
By Adina Marcut
Central Plaza
Denver-based private equity real estate investment firm Baceline Investments acquired the Columbia Heights, Minn.-based Central Plaza for $7.2 million from Central Plaza Associates, and the North Carolina-based Galleria Village from Cohen Equities for $5.1 million. This marks the company’s first purchase in North Carolina.
Multi-tenant shopping centers
Located at 875 NE 45th Ave., Central Plaza features 82,478 square feet. The shopping center is in close proximity to downtown Minneapolis and is currently 92 percent occupied. McKenna Park, La Belle Park, Columbia Heights City Hall, and Central Middle School are also nearby.
Galleria Village Shopping Center
The 34,690-square-foot Galleria Village Shopping Center is located at 1816 Galleria Blvd., in southeast Charlotte. The shopping center is currently 83 percent leased to various tenants such as Off Broadway Shoes, Dollar Tree, Party City, Game Stop, Sprint and CATO.
“Owning neighborhood shopping centers like Central Plaza and Galleria Village fit our core income strategy well,” David Puchi, Baceline’s managing partner said in a statement. “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.”
Images via Google Street View
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