MLK Plaza, a St. Louis shopping center comprising 46,648 square feet, has been bought by Baceline Investments, LLC, for $6.35m.
Baceline is a real estate management and investment company that has retail properties throughout the central region of the United States. MLK Plaza joined Clinton Towne Center in Utah in Baceline’s High Yield Income Fund portfolio. Baceline opened the fund in January.
MLK Plaza is located at Page Boulevard and North Grand, near Saint Louis University. The center, which was built in 2003, currently is 94% occupied, with Subway, Save-a-Lot, and H&R block as its key tenants. Save-a-Lot, which is a discount grocery store, is the main anchor tenant. It is also the only grocery in the area, which is a residential neighborhood with a dense population.
Baceline’s managing partner, David Puchi, said the property is well-located, since it is near both a growing arts district and Saint Louis University. He notes that the center has a history of producing a steady income stream, which reflects the company’s generally positive experience with investing in St. Louis properties. He believes that trend will continue with MLK Plaza.
Baceline, which was founded in 2003, specializes in acquiring, managing, and selling neighborhood shopping centers located in smaller, secondary markets. These properties offer unique investment opportunities not found in more competitive areas.
Companies like these can benefit by creating Brochures that can be mailed to potential investors explaining opportunities.
Get a Free Quote for Brochures
