Saginaw shopping center bought by Denver-based real estate fund
Denver-based Baceline Investments, a boutique private equity real estate investment company with retail holdings throughout the central U.S., has bought the North Town Center, a 41,652-square-foot shopping and office center in Saginaw for $4.2 million.
It is the company’s seventh property acquired through its No Debt Fund III portfolio.
North Town Center, 1029 N. Saginaw Blvd., was 95 percent leased at the time of the sale to local and national retailers.
The two-building center was built in 1984.
"North Town Center is an ideal addition to our No Debt Fund III portfolio due to its visible and high traffic location, strong demographics in a fast growing community and an already high occupancy rate," said David Puchi, a Baceline principal. "It’s another proof point that the heartland, and particularly this region, continues to produce great opportunities for income-producing properties."
Baceline, founded in 2003, said it specializes in the acquisition, management, and sale of shopping centers in select secondary markets.
_ Sandra Baker