WEST DES MOINES—Baceline Investments, LLC, a private equity investment company has purchased Clocktower Square, a 142,356-square-foot, multi-tenant neighborhood retail center in West Des Moines, Iowa. The center has had a troubled recent history, with the level of occupancy has shrunk to 68 percent.
Denver-based Baceline acquired the property for $6.9 million, or 43 percent of its prior value. Baceline acquires and redevelops commercial properties that have suffered from neglect.
“Clocktower Square is a perfect fit for our Distressed Property Fund as it will allow us to renovate the center and implement an aggressive leasing strategy to attract top tenants,” says David Puchi, principal of Baceline. “The very favorable purchase price, combined with a high profile location means we have a strong opportunity to improve the retail center, draw in a great tenant mix, and see significant upside.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
