The buyer wanted the 12-year-old site as part of its Heartland Growth Opportunities strategy, says David Puchi, principal of Baceline. "Our mode of operation is to try to find good real estate sites in smaller cities," he tells GlobeSt.com. "We like the Midwest, and we already have properties in Peoria and Rockford, IL; Chicago; Kansas City; Omaha, NE; and Minneapolis. This site is a good community, and there's good infrastructure and neighbors such as Caterpillar and Subaru."

The center is about 85% leased, and Baceline plans on cosmetic upgrades before leasing up the remaining spots, Puchi says. He wouldn't comment on lease rates, and the area is between Chicago and Indianapolis for retail comparison. The property is near Highway 52, and directly across from Tippecanoe Mall.

The company's 5-year-old No Debt Real Estate Fund includes four industrial and retail properties in Colorado and Texas, and its Debt Real Estate Fund II, which closed last year, encompasses more than 550,000 sf of property. The firm's Value Fund I holds three properties in Dallas, Houston and Peoria, IL.