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.”
Although the vacancy rate is somewhat high, Clocktower Square does include national tenants such as TJ Maxx, Starbucks, Office Max and Tires Plus. Situated on 11 acres at 28th St. and University Ave., the property was originally built in 1983 and renovated in 1997.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
