Private equity firm Baceline Investments has acquired two shopping centres in the US for a total of $5.1m.
The acquisition included Brown Road Marketplace in Phoenix for $2.6m, and Cross Rhodes in Memphis for $2.5m.
Build in 1990, the 37,117ft² Brown Road Marketplace is anchored by Dollar General and Native Grill & Wings. Recently renovated, it is located in an area with approximately 40,000 residents within three miles.
Cross Rhodes is a 37,595ft² shopping centre and is anchored by O’Reilly Auto Parts and Family Dollar.
Baceline Investments managing partner David Puchi said: “Both retail centres are ideal holdings because they are located in vibrant neighbourhoods and also meet a strategic criteria centred on producing income for our investors.”
Founded in 2003, Baceline Investments focuses on acquisition, management and sale of neighborhood shopping centres.