Pine Tree Commercial Announces New Lease with Michaels

NORTHBROOK, IL – Northbrook, Ill.-based Pine Tree Commercial Realty, recently announced the execution of a new lease with Michaels Stores Inc. for The Shops at Walnut Creek shopping center in Westminster, Colo., a northwest suburb of Denver. Michaels will occupy 20,579 square feet with an expected store opening in early 2013.

“This is a great fit for the shopping center,” says Pine Tree Executive Vice President Tim Roe. “Michaels will bring in new customers and provide additional goods and services for our current customers while we continue to improve the merchandising mix at the center.”

Pine Tree owns and operates the property in partnership with Newport Beach, Calif.-based Buchanan Street Partners. Together they completed the development of the partially-completed project after its acquisition in 2007. In addition to Michaels, anchor tenants include Super Target, TJ Maxx, HomeGoods, PetSmart and Golf Galaxy.

Pine Tree Commercial Realty LLC is a full-service real estate development company based in Northbrook, Ill. Since its founding in 1995, Pine Tree has acquired and developed 64 properties valued over $675 million. The company’s projects are located across the United States.

Buchanan Street Partners is a real estate investment management firm that invests debt and equity capital on behalf of institutional and private investors. Buchanan Street Partners is a subsidiary of The TCW Group, Inc., an international asset management company.

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