NORTHBROOK, Ill. (October 23, 2014) – Northbrook-based Pine Tree Commercial Realty, LLC today announced that it has acquired South Pasadena Shopping Center, a grocery-anchored community shopping center located in South Pasadena (Tampa), FL, for $21.1 million. The recent acquisition is Pine Tree’s 73rd and brings the company’s current portfolio to 3.5 million square feet in 15 states.
Anchored by Walmart Neighborhood Market, Bealls Outlet, and CVS Pharmacy, the 166,000 SF shopping center is situated on the waterfront at the southeast corner of Gulfport Blvd South and Pasadena Ave South. The center is surrounded by mid-rise residential, single family residential, and marinas leading to the Gulf of Mexico. Acquisition financing was provided by One West Bank.
“We are currently focusing on markets in the Southeastern United States,” says Todd Zinsmaster, Executive Vice President of Acquisitions & Development at Pine Tree Commercial Realty. “This grocery-anchored shopping center fits our acquisition criteria for its desirable location as well as its position as the only multi-tenant shopping center within the immediate trade area. South Pasadena Shopping Center is a great addition to our portfolio.”
Strategically located with significant barriers to entry, South Pasadena Shopping Center is located in Pinellas County – Florida’s most densely populated – with an estimated 77,995 residents and 37,572 employees within a ten-minute drive.
About Pine Tree Commercial Realty:
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 73 properties with an aggregate value of nearly $775 million. The company’s projects are located across the United States.
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