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.
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