The buyer wanted the 12-year-old site as part of its HeartlandGrowth Opportunities strategy, says David Puchi, principal ofBaceline. "Our mode of operation is to try to find good real estatesites in smaller cities," he tells "We like theMidwest, and we already have properties in Peoria and Rockford, IL;Chicago; Kansas City; Omaha, NE; and Minneapolis. This site is agood community, and there's good infrastructure and neighbors suchas Caterpillar and Subaru."


The center is about 85% leased, and Baceline plans on cosmeticupgrades before leasing up the remaining spots, Puchi says. Hewouldn't comment on lease rates, and the area is between Chicagoand Indianapolis for retail comparison. The property is nearHighway 52, and directly across from Tippecanoe Mall.


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

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