NORTHBROOK, IL – Tim Roe, President of Northbrook, Ill.-based Pine Tree Commercial Realty, announced a completed expansion and new retail leases for shopping centers it develops and manages in Colorado and California.
In Westminster, Colo., a suburb of Denver, Pine Tree recently completed construction of 32,200 square feet of new retail space at Shops of Walnut Creek, a 410,860 square foot shopping center that the firm acquired in partnership with Newport, Calif.-based Buchanan Street Partners when the center was nearing completion in 2007. New retailers that opened in April 2009 in the expanded space include Dollar Tree (10,000 square feet), Famous Footwear (7,200 square feet), and Pacific Dental (3,000 square feet). The center is anchored by TJ Maxx, Home Goods, OfficeMax, PetSmart, Golf Galaxy and shadow-anchored by a separately owned Super Target.
In San Ramone, Calif., on San Francisco’s East Bay, Pine Tree signed two new leases to Gateway Center, a 110,440 square foot community center it co-owns and leases/manages for a state pension fund being advised by Henderson Global Investors of London. The new leases include Papa John’s Pizza for 1,069 square feet, and Medifast Weight Control Centers for 918 square feet. “This center has always been highly stabilized, never falling below 95% occupancy,” says Mr. Roe. The center is currently at 98% occupancy. “In these times, it’s even more important for us to focus on maintaining occupancy on behalf of our owners,” he adds. “And that requires getting creative with new lease terms.”
Pine Tree Commercial Realty LLC is a full-service real estate development company based in Northbrook, Ill., with branch offices in Indianapolis and Kansas City. Since its founding in 1995 by Principals Barry Herring and Peter Borzak, Pine Tree has acquired and developed more than 56 properties valued at over $500 million nationwide.
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