(Read more on the industrial market.)
DENVER-Baceline Investments has bolstered its portfolio with three new assets. The locally based LLC says it invested a total of $44 million in cash and debt to acquire retail properties in Houston and Peoria, IL, and an industrial complex in Dallas.
The largest of the trio was Northwest Village, a 195,351-sf retail property near the confluence of U.S. Highway 290 and Jones Road, 20 miles northwest of Houston's CBD. The property includes one primary building totaling 171,000 sf (net rentable) that houses 36 storefronts and two smaller outparcel buildings totaling 24,000 sf (net rentable). Baceline paid $22 million for the asset.
The other retail property is University Plaza, a 133,252-sf retail property in Peoria. The development includes 11 storefronts in three buildings at 3421-3519 University St., near the intersection of University Street and War Memorial Drive. The purchase price was $10.5 million.
The industrial property, in the South Stemmons submarket of Dallas, is called Northaven Square. The 151,388-sf development consists of eight buildings near Interstates 35 and 635. The purchase price was $11.7 million.
No additional information regarding the properties was available Thursday. Baceline Investments principal David Puchi could not be reached for comment.
Baceline Investments is a Denver-based private real estate investment management company that focuses on retail and industrial properties across the Rocky Mountain, Southwestern and Midwestern regions of the United States. The company is currently investing its second fund, which closed at the beginning of 2007 and has acquired approximately 550,000 sf of property.
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