LOUISVILLE—The severe recession created a number of opportunities for investors willing to take a few risks. Baceline Investments, LLC, for example, just completed the sale of Dixie Valley Shopping Center in Louisville to Inland for $13.6 million, a big boost over the $3.3 million it paid for it back in 2010. The 119,364-square-foot center was in foreclosure then and only 34% leased. Under Baceline's ownership, occupancy of the shopping center increased to 92%. The firm also just acquired Overlook on North Ave., a neighborhood shopping center in suburban Chicago.
“The revitalization of Dixie Valley Shopping Center is a success story on many levels,” says David Puchi, managing partner of the Denver-based Baceline. "Four years ago Dixie Valley was in a state of deterioration, in foreclosure, and declining occupancy. After much time, effort and investment, Baceline transformed the downtrodden property into a quality asset making it a vibrant location for the community.”
Leading tenants at Dixie Valley, located at 10311-10441 Dixie Highway, include Ross, Marshalls, Party City, Dollar Tree and Rue 21. The center was part of the firm's Opportunities Fund which invests in distressed commercial properties or loans that have unrecognized potential.
Overlook on North Ave. is a 16,830-square-foot retail center at 340 E. North Ave. in the city of Lombard that Baceline purchased for $3,050,000 from Learsi & Co. Constructed in 2006, tenants including national ones like Starbucks and Quest Diagnostics lease 94% of the property. It is Baceline's fourth property in its Debt Free Fund IV portfolio.
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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.
