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.
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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.
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By GlobalDataBuilt 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.
