Baceline Adds Second Property to High Yield Income Fund
The 46,648-square-foot retail center was 94 percent leased at the time of the transaction.
MLK Plaza in St. Louis
by Csilla Borsos
St. Louis—Denver-based Baceline Investments LLC, a privately held boutique real estate investment and management company, has recently purchased a 46,648-square-foot neighborhood shopping center in St. Louis, Mo., for $6.35 million.
MLK Plaza is the second property in the company’s High Yield Income Fund portfolio, a fund that opened in January.
The asset, completed in 2003, is situated at N. Grand and Page Boulevard, in close proximity to Saint Louis University. It is currently 94 percent leased to tenants such as Save-a-Lot, Subway and H&R Block. The center serves a heavily populated residential district, being anchored by the only grocery store in the area.
“MLK Plaza is well-located near Saint Louis University and an expanding arts district,” David Puchi, Baceline’s managing partner, said in prepared remarks “It is a neighborhood retail center that has a track record of producing steady income. Our real estate investment experience in St. Louis has been extremely positive, a trend that we are confident will continue with MLK Plaza.”
Image via Google Maps
You must be logged in to post a comment.