NORTHBROOK, IL – With the recent purchase of Loch Leven Plaza in the Orlando, Fla. suburbs, Pine Tree Commercial Realty expands its shopping center portfolio to include the state of Florida. According to Pine Tree Senior Vice President of Acquisitions Todd Zinsmaster, the company purchased the grocery-anchored shopping center in Mt. Dora, Fla. on November 5, 2010, from a Florida developer. Pine Tree, headquartered in Northbrook, Ill., will be handling the property management and leasing for the center.
Anchoring the center is Publix, an employee-owned supermarket chain based in Florida that relocated one of its stores to Loch Leven from across the street. “This shows great confidence in the market here,” says Pine Tree Executive Vice President Tim Roe. “After about 20 years in this community, they chose to stay here to expand with their largest footprint to date.” Publix occupies 54,340 square feet of space at the new plaza and opened last May. Mr. Roe also said about a third of the tenants are open in the adjacent inline space, with the remaining tenants expected to open by Thanksgiving. Currently, the center is 99 percent leased, including leases signed with Five Guys Burgers and Fries and Great Clips.
“I think this is a terrific asset, newly constructed and ready to go — the ideal shopping center for us to enter the Florida market with,” says Mr. Zinsmaster. As for future acquisitions, he says Pine Tree is actively pursuing shopping center opportunities across the country. “We’re looking for high quality shopping centers, regardless of where they’re located. We can buy a wide range of retail properties from value-add or redevelopment projects to stabilized core assets.
Financing for the acquisition was arranged by William Barry of Chicago-based Draper and Kramer, Inc.
Since Pine Tree’s founding in 1995, the firm has acquired and developed approximately 60 shopping centers in the U.S. including properties in California, Washington, Idaho, Colorado, Oklahoma, Ohio, Alabama, Florida, and many Midwestern states.
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