APPLE VALLEY, MINN. — Baceline Investments LLC has sold a 25,500-square-foot, multi-tenant retail center in Apple Valley to Wellington Management Inc. for $4.6 million. The Denver-based boutique real estate investment and management company purchased the property in 2009 for $3.16 million. Pinnacle Ridge Retail Centers, south of downtown Minneapolis, was acquired as part of Baceline’s No Debt Real Estate Fund III. The purchase also included a 1.24-acre land lease to Discount Tire. Other tenants at the property include T-Mobile and Anytime Fitness. Baceline’s strategic model is to purchase cash-flowing real estate without the use of debt in America’s Heartland, an approach that David Puchi, principal of Baceline Investments, says continues to yield rewards for investors.
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