Most recently 90% occupied, the center is anchored by Big Lots, A.J. Wright and Gray's IGA. The traffic count along North Second Street, also Route 251, is 25,000 vehicles a day, according to Mid-America Real Estate Management, which represented the former owner.

Baceline Investments principal David Puchi says Meadow Mart Center fits his company's strategy of buying properties with good cash flow at attractive prices without using debt. Based on the center's projected net operating income, Baceline Investments' purchase was at an 8.5% capitalization rate. "Meadow Mart not only enhances our overall Fund II portfolio, it increases our presence in the Midwest," he says.

The company also $12 million in deals involving industrial and retail properties in Cleveland, Kansas City and Omaha for its No Debt Real Estate Investment Fund II. Baceline Investments' first fund invested $21 million in the Denver and Dallas markets.