LOUISVILLE—The severe recession created a number ofopportunities for investors willing to take a few risks.Baceline Investments, LLC, for example, justcompleted the sale of Dixie Valley Shopping Center in Louisville toInland for $13.6 million, a big boost over the$3.3 million it paid for it back in 2010. The 119,364-square-footcenter was in foreclosure then and only 34% leased. UnderBaceline's ownership, occupancy of the shopping center increased to92%. The firm also just acquired Overlook on North Ave., aneighborhood shopping center in suburban Chicago.

|

“The revitalization of Dixie Valley Shopping Center is a successstory on many levels,” says David Puchi, managingpartner of the Denver-based Baceline. "Four years ago Dixie Valleywas in a state of deterioration, in foreclosure, and decliningoccupancy. After much time, effort and investment, Bacelinetransformed the downtrodden property into a quality asset making ita vibrant location for the community.”

|

Leading tenants at Dixie Valley, located at 10311-10441 DixieHighway, include Ross, Marshalls,Party City, Dollar Tree andRue 21. The center was part of the firm'sOpportunities Fund which invests in distressed commercialproperties or loans that have unrecognized potential.

|

Overlook on North Ave. is a 16,830-square-foot retail center at340 E. North Ave. in the city of Lombard that Baceline purchasedfor $3,050,000 from Learsi & Co. Constructedin 2006, tenants including national ones likeStarbucks and Quest Diagnosticslease 94% of the property. It is Baceline's fourth property in itsDebt Free Fund IV portfolio.

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 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.