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 completed the sale of Bridgewood Plaza in Des Moines, Iowa for $6.3 million. This sale, combined with the earlier sale of the Fidelity Bank portion of the property, is the first full property sale from the portfolio.
The property, originally purchased by Baceline in July of 2011 for $4.7 million as part of the company’s No Debt Real Estate Investment Fund III, was purchased by Colby’s Bridgewood Plaza, L.C., an Iowa limited liability company. The annual net return to investors from this sale is 11.6 percent. This return exceeded Baceline’s original expectation and underwriting for the property.
Bridgewood Plaza is located at 165 South Jordan Creek Parkway in West Des Moines. Notable tenants include: Panchero’s, Maddy’s, Subway, and Iowa Realty Co.
“We are focused on investing in cash flowing retail properties in diverse metropolitan areas,” said David Puchi, principal of Baceline Investments. “Des Moines fits perfectly into our strategy and the Bridgewood property and its sale are perfect examples of how our approach – our unique model – works and how it benefits our investors.”
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 over 700 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