AUSTIN—Denver-based Baceline Investments LLC has acquired Dakota Plaza, a retail center in north central Austin.
Baceline purchased the 21,700-square-foot center, constructed in 2006, from Englewood, Co.-based Western Dakota LLC. Located at 8516 Anderson Mill Road, it is the only neighborhood shopping center in a growing area of the city.
“Relative to current market prices for similar property in Austin, the acquisition of Dakota Plaza comes into our portfolio at a real value,” said David Puchi, managing partner of Baceline Investments, in a release. "With an already strong occupancy rate, notable tenants, and a terrific location, Dakota Plaza is a well-kept real estate secret in an active and developing community.”
The acquisition is said to follow Baceline's value-add strategy, investing in “commercial properties or loans that have unrecognized potential because they are distressed or otherwise have neglected ownership.”
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