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Baceline Buys Piper Plaza, Sells Madison & Edgewood Shoppes

Denver-based Investor Pays $6.3M for Kanas City Asset, Sells Indianapolis Property for $4.3M
January 18, 2018
Baceline Investments LLC, a boutique private equity real estate investment firm based out of Denver, purchased the Piper Plaza in Kansas City, KS from an individual investor for $6.3 million, or about $167 per square foot.

Additionally, Baceline sold the Madison & Edgewood Shoppes in Indianapolis to a New York City-based investor for $4.28 million, or about $152 per square foot.

Piper Plaza is a 52,017-square-foot shopping center located at 10940 Parallel Pkwy. and was 97 percent leased at the time of the sale. Major tenants include Quest Diagnostics, the UPS store, Subway, Arby’s, 7-Eleven, State Farm and Pizza Hut. The shopping center is located across from the Sporting Kansas City Stadium and the NASCAR Speedway.

“Piper Plaza is a notable addition to our portfolio and a quintessential fit for our niche investment approach,” noted Baceline’s managing partner David Puchi.

Mike Yeggy and Drew Quinn of Colliers International represented the seller in the acquisition.

Madison & Edgewood Shoppes totals 89,797 square feet and delivered in 2002 at 5855 Madison Ave. Major tenants includes USA Fireworks, Inc., CSL Plasma, Edward Jones, Pet Valu, Great Clips, Donatos Pizza, Arby’s, McDonalds’s and is anchored by Kroger. The community shopping center is located in close proximity to Interstates 465 and 65 accessible via S. Keystone Ave.

Baceline previously acquired the Madison & Edgewood Shoppes for $2.52 million in 2015, according to CoStar information.

Jordan Klink and Eric Hillenbrand of Marcus & Millichap represented Baceline in the disposition.

Please see CoStar COMPS #4080808 and #4101233 for more information on the transactions.
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