Denver-based Baceline Investments, LLC, a boutique private equity real estate investment and management company with retail holdings throughout the central United States, announced today it has acquired the Shoppes at Edge-O-Lake in Nashville, Tenn., the second property in the company’s Debt Free Income Fund IV.
The acquisition was made earlier this month for $5,570,000 at a 9.7 percent cap rate. This is Baceline’s first property acquisition in Tennessee.
The Shoppes at Edge-O-Lake, constructed in 2007 and located at 2510 Murfreesboro Road, is a 35,544-square-foot multi-tenant neighborhood shopping center property in the southeastern area of Nashville. It is located on a major thoroughfare that connects the airport to downtown and is currently 93 percent occupied with a mix of local and national tenants.
“We carefully and strategically chose the Edge-O-Lake property for a number of reasons,” said David Puchi, principal of Baceline Investments. “We are focused on America’s Heartland, on investing in cash flowing retail properties in diverse metropolitan areas. Tennessee is a new target market for us, and Nashville especially is an exciting city with lots of growth and potential. The Edge-O-Lake property is particularly appealing because of its proximity to downtown and because it has the best visibility of any neighborhood shopping center in the trade area.”
About Baceline Investments
Founded in 2003, Baceline Investments, LLC is a Denver-based privately held boutique real estate investment company that specializes in the acquisition, management, and sale of necessity-based shopping centers in select secondary markets across America's Heartland. This unique geographic focus allows investors to better diversify their investment portfolio while avoiding exposure to overly competitive larger markets and the more cyclical coastal regions. Baceline currently serves the real estate needs of nearly 600 individual, family, and institutional clients through both its income and growth-oriented investment opportunities. For more information, visit www.bacelineinvestments.com.
- Mergers, Acquisitions & Takeovers
- real estate investment
Lisa Metzger, 720-771-4238
David Puchi, 720-382-2965