Last updated on May 15th, 2019 at 04:48 pm
A strip mall on Milwaukee’s north side has been sold to a Denver investment firm that had also recently purchased a shopping center in Menomonee Falls.
The retail property known as the Sequoia Center, located at 6801-6917 W. Brown Deer Road, was sold to Sequoia Baceline LLC, an affiliate of Denver-based Baceline Investments LLC, for $3.6 million, state records show.
The 3.5-acre property has a 35,400-square-foot building that is divided into 15 units, according to city records. Tenants include a post office branch, cell phone stores, a gym, fast-food restaurant and others. The city assesses the property at nearly $1.95 million.
David Puchi, managing partner of Baceline, said his group was attracted to the Sequoia Center because it had the attributes it looks for in an investment property.
“That’s what we look for, are neighborhood shopping centers that have a history of stability in their tenant base and that we could project will be stable going into the future,” he said.
The building is mostly full, but has a couple of units available for rent. Puchi said Baceline will look to fill those spaces with tenants that are “internet sales-resistant” and offer everyday goods and services.
This is the second investment made by the Denver investor in as many months. In early January, Baceline announced the acquisition of the Woodlands Market in Menomonee Falls for a little more than $2.7 million.
The 19,400-square-foot Woodlands Market, located at N72 W13350-13400 Lund Lane, has a variety of tenants that include A Better Me Spa, Barre District, Town Bank and Good Hope Vision.
Puchi said his firm has purchased five properties in the Milwaukee area over the last couple years and has plans to continue looking for other opportunities.
“We’re building up a management base there and will continue to grow in Milwaukee as we can see opportunities come up,” he said.
Baceline describes itself as a private equity real-estate investment and management company that specializes in the acquisition, management and sale of cash-flowing, necessity-based everyday goods and services shopping centers located in select secondary markets throughout the central U.S.