Denver-based investor Baceline Investments LLC has purchased its latest Wisconsin asset — two recently renovated Menomonee Falls retail buildings — for $6 million, according to state records.
An affiliate of Baceline acquired The Shops on Appleton from an affiliate of St. Paul, Minnesota-based SONA Investments. The buildings are located near the northeast corner of Appleton Avenue and University Drive.
The buildings are assessed at $2.34 million, according to Waukesha County records.
They mark the latest acquisition Baceline has executed in the metro area. About a year ago, the company bought a four-property retail portfolio for $15 million.
Baceline also acquired a Milwaukee strip mall on Brown Deer Road for $3.6 million and another retail property northwest of Appleton Avenue and Good Hope Road in Menomonee Falls for about $2.7 million. Both deals occurred in 2019.
SONA bought the buildings in 2019 for $3.98 million and made $500,000 worth of improvements. This included updating the building façades, replacing signs and replacing concrete sidewalks.
The firm also renewed a number of leases and brought in new tenants. The largest of those is Sola Salon Studios, which took over and combined four retail spaces for its 5,000-square-foot lease.
Kevin Schmoldt and Brian Vanevenhoven of Newmark Knight Frank represented SONA in the deal.
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