ST. LOUIS, MO: (STLRealEstate.News) Grand Center Shopping Plaza – St. Louis real estate and warehousing seems to be a hot commodity for real estate investment firms from around the country as of late. Eyeing the potential population and real estate growth expected for the region in 2017, a Denver-based boutique private equity firm, Baceline Investments, acquired a St. Louis shopping plaza in mid-September for the expansion of their portfolio assets.
Grand Center shopping plaza, a 46,648-square-foot shopping center in Grand Center called MLK Plaza was sold to the real estate firm for a whopping $6.35 million. The plaza, primarily occupied by tenants like GameStop, Foot Locker, Subway, and Save-A-Lot, now belong to the expanding Denver entity. The previous owner, a Delaware-registered firm, MLK Plaza Investments, LLC., stated that the deal officially closed mid-September. CBRE Chase Young represented the seller in the finalization of the transaction. The transacted property at North Grand and Page Boulevard has an estimated appraised value of $5 million, according to the St. Louis city records.
This wasn’t Baceline’s first Midwestern asset purchase. The firm owns shopping center across the Midwestern portion of the United States, and is showing no signs of stopping any time soon. The firm specializes in necessity-based neighborhood shopping centers in secondary markets. The Grand Center shopping plaza, in particular, is the second property in Baceline’s High Yield Income Fund portfolio, along with the purchase of Clinton, Utah’s Towne Center.
Baceline’s activities in 2015 and 2016 correspond with local sales volume highs across all commercial real estate segments. According to research from Cushman & Wakefield, these sales reached a decade high at $2 billion in 2015. Throughout the first 6 months of 2016, sales volumes dipped down compared to their counterparts in 2015, but have shown signs to be on the rise in the latter half of the year. Baceline plans to continue their acquisition movement.
Contributing Editor: Alexandra R. Fasulo