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Baceline buys Apple Valley center
Out-of-town investors continue to comb the Twin Cities commercial real estate market, looking for deals.
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A Denver-based real estate investment company with holdings in the Midwest, Rocky Mountain and Southwestern regions recently boosted its holdings of Twin Cities area real estate.
Baceline Investments paid $3.16 million for Pinnacle Ridge Retail Centers, a multitenant shopping center in Apple Valley. The seller was a private investment partnership.
David Puchi, a Baceline principal, said the 25,509-square-foot center is about 82 percent leased. Tenants include T-Mobile, Anytime Fitness and Milio's. The purchase also includes a 1.24-acre land lease to Discount Tire, another tenant.
"We have been looking to expand our portfolio in the Twin Cities for quite some time," Puchi said. Baceline's other property here is the West Point Business Center in Plymouth. The company was attracted to Pinnacle Ridge because it is a newer property that is adjacent to a Home Depot store. "We consider the Home Depot a sort of shadow anchor that isn't part of our property but makes [Pinnacle Ridge] more attractive to other tenants," he said.
Construction still sluggish
Tight credit conditions and a weak economy continue to put a lid on commercial construction projects here and nationwide.
The latest figures from Chicago-based McGraw-Hill Construction, a widely read barometer of industry conditions, show a 6 percent decline in the dollar value of nonresidential construction in Minnesota through the end of March compared with the same period in 2007. The decline for the Twin Cities area was more substantial -- 37 percent from the same period last year.
The situation in Minnesota is reflected nationwide. The latest figures from the U.S. Census Bureau of the Department of Commerce showed a slight uptick in spending on construction projects in March compared with February. But the 0.3 percent increase, the first in six months, was largely because of work on government projects and power plants.
Economists have projected an increase in spending on infrastructure projects this year as state and local governments use funds from the $787 billion fiscal stimulus package.
Susan Feyder • 612-673-1723
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