X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOVES PARK, IL-Denver-based Baceline Investments LLC has acquired Meadow Mart Center here for $8.5 million. Baceline Investments bought the 158,723-sf asset at the southeast corner of North Second Street and Windsor Road outside Rockford for its No Debt Real Estate Investment Fund II portfolio, which already includes the Crestside Business Center in Dallas.

Most recently 90% occupied, the center is anchored by Big Lots, A.J. Wright and Gray’s IGA. The traffic count along North Second Street, also Route 251, is 25,000 vehicles a day, according to Mid-America Real Estate Management, which represented the former owner.

Baceline Investments principal David Puchi says Meadow Mart Center fits his company’s strategy of buying properties with good cash flow at attractive prices without using debt. Based on the center’s projected net operating income, Baceline Investments’ purchase was at an 8.5% capitalization rate. “Meadow Mart not only enhances our overall Fund II portfolio, it increases our presence in the Midwest,” he says.

The company also $12 million in deals involving industrial and retail properties in Cleveland, Kansas City and Omaha for its No Debt Real Estate Investment Fund II. Baceline Investments’ first fund invested $21 million in the Denver and Dallas markets.

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

Once you are an ALM digital member, you’ll receive:

  • 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.