Private equity real estate investment and management company Baceline Investments has sold Raceway Commons, a 33,000ft² retail centre in Indianapolis, US, for $7.9m.
Baceline acquired the property in May 2012 for $4.3m as part of its No Debt Fund III, an income-producing real estate investment fund.
Baceline managing partner David Puchi said: "Raceway Commons is another Baceline success story of which we are very proud.
“It continues to reaffirm our strategy of identifying key real estate opportunities in the mid-section of the country. During the four years Baceline owned and managed the retail centre, we were delivered 12.6% in annual net return to our investors.”
One of five Indiana-based retail properties owned by Baceline, Raceway Commons is located at 55 South Raceway Road and situated on 4.85 acres.
Baceline also owns Madison & Edgewood Shoppes and Eagle Creek in Indianapolis, Western Avenue Shopping Center in South Bend and Lafayette Marketplace in Lafayette.
Built in 2003, Raceway Commons comprises retail and office space in two single-story buildings and had a 94% occupancy rate at time of divestment.
Established in 2003, Baceline Investments is a Denver-based privately held real estate investment and management company that specialises in the acquisition, management and sale of cash-flowing neighbourhood shopping centres.