By Ioana Neamt
St. Louis—Denver-based Baceline Investments LLC has recently acquired a 36,455-square-foot retail center in suburban St. Louis. The company paid $3.3 million for the Four Seasons Shopping Center located at 2421-2509 Highway K in O’Fallon, Mo.
Built back in 1996 and renovated in 2012, the neighborhood retail center was fully leased at the time of sale, with a mix of local and national retailers and restaurants. The center marks the ninth property in Baceline’s Debt Free Income Fund IV—a portfolio consisting of shopping centers across the Central U.S. that also includes the Grand Marketplace retail asset in St. Louis. Baceline anticipates that the fund, which closed to new investment at the end of March 2015 with $45 million in committed capital, will own roughly 10 retail properties.
“The Four Seasons Shopping Center fits nicely into our Debt Free Income Portfolio,” David Puchi, Baceline managing partner, said in a prepared statement. “It adds another layer of diversity to the portfolio, both in its tenant base of everyday goods and services and its location in a high-end St. Louis suburb. Four Seasons, situated in an affluent neighborhood, is positioned to create stable, cash-flowing activity for investors.”