Baceline Investments, LLC, a boutique private equity real estate investment and management company, recently acquired Piper Plaza, a 37,624-square-foot neighborhood shopping center in Kansas City, Kansas.
The firm also completed the sale of Madison & Edgewood Shoppes, a 48,716-square-foot retail center in Indianapolis, acquired in January of 2015.
Located at 10940 Parallel Parkway, Piper Plaza is an everyday goods and services shopping center currently 97-percent leased. Notable tenants include Quest Diagnostics, Piper Family Dentistry, The UPS Store and Danny’s Bar & Grill. Baceline purchased the property for $6.3 million from a Kansas City-based investment group.
Madison & Edgewood Shoppes, acquired by Baceline for $2.5 million, was sold last month to a New York-based investor for $4.3 million after 35 months of ownership. Baceline’s management of the property during that time improved the overall mix of business tenants and saw occupancy grow 26 percent. The retail center is located at 5855 Madison Ave.
