NORTHBROOK, Ill. (November 20, 2015) – Marking the company’s 78th acquisition since its founding in 1995, Northbrook-based Pine Tree Commercial Realty, LLC today announced its acquisition of Pine Creek shopping center in Grass Valley, Calif. Situated in the foothills of the Sierra Nevada Mountains 60 miles from Sacramento and 90 miles from Reno, Nev., the 216,683 square foot Pine Creek shopping center is anchored by a 60,000 square foot Raley’s grocery store and features three national junior anchors: JC Penney, Petco and Dollar Tree. Other national and regional tenants include Starbucks, Carl’s Jr., IHOP, Jamba Juice, Sally Beauty and GNC, among others.
“Pine Creek shopping center has everything we’re looking for as we continue to execute our growth strategy,” said Todd Zinsmaster, Executive Vice President of Acquisitions & Development for Pine Tree. “Strong barriers to entry, excellent visibility, great demographics, and strong national and regional tenants make this acquisition a great addition to portfolio.”
Pine Creek shopping center, built in 1988, rests along California Highway 49 in Nevada County. Grass Valley, the largest city in the western region of Nevada County, is situated at nearly 2,500 feet above sea-level and features a small-time character with the historic flavor of the Gold Rush. The city’s rugged topography provides significant barriers-to-entry for competing retail development in what has become a desirable trade are with many retailers reporting higher than average sales in their respective chains.
The investment sale was brokered by Jon DuBois of Core Commercial’s Sacramento office. Financing was provided by Goldman Sachs Mortgage Company.
About Pine Tree Commercial Realty:
Pine Tree Commercial Realty, LLC is a full-service real estate company specializing in retail based in Northbrook, Ill. Since its founding in 1995, Pine Tree has acquired and developed 78 properties with an aggregate value of nearly $1 billion. The company’s projects are located across the United States.
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