Denver-based Baceline Investments LLC has purchased the Aurora shopping center Orchard Crossing in a $2.9 million deal that is part of the company’s value-add Opportunistic Strategy portfolio. It’s one of three recent acquisitions for Baceline, bringing its total number of properties to 60, representing more than $300 million in asset value.
Baceline’s real estate investment strategy focuses on necessity-based neighborhood shopping centers located in markets throughout the U.S. that have value-rich properties at opportunistic prices, less competition, and more supply of quality real estate, as opposed to gateway cities.
The firm also acquired two shopping centers for its core income fund including Hickory Creek for $4.56 million and The Crossing for $6.3 million. Hickory Creek is a 25,835-square-foot retail center in New Lenox, Illinois and The Crossing is a 42,000-square-foot property located in Olive Branch, Mississippi.
“Orchard Crossing is an ideal value-add property,” Baceline Partner and EVP of Investments Todd Laurie said in a statement. “Baceline has teams of experts in leasing, property management and construction, all of whom will work diligently to improve the location and maximize this investment. Hickory Creek and The Crossing will be part of our core income portfolio, one that seeks out strong, income-producing neighborhood shopping centers that are resistant to recession and are unaffected by e-commerce.”