NORTHBROOK, Ill. (March 23, 2015) – Celebrating two decades of business this month, Northbrook-based Pine Tree Commercial Realty, LLC today announced its acquisition of the Village of Blaine shopping center in partnership with Boston-based The Davis Companies. Located in the affluent Minneapolis suburb of Blaine and anchored by a 70,643 square foot Cub Foods – the region’s number one grocer – the 221,239 square foot shopping center represents the 74th property acquired or developed by Pine Tree in its twenty years of business.
“We are excited to have acquired this Class-A grocery-anchored center strategically located along Interstate 35,” said Quentin Reynolds, Managing Director of Investments for The Davis Companies. “Blaine reported more single-family home growth than any other community in the Twin Cities area during 2014.”
Since 1976, The Davis Companies’ investments represent nearly $3 billion in gross asset value across all major property types. With a real estate portfolio of over 12 million square feet, largely in the Eastern United States, the Village of Blaine is the company’s first acquisition in the greater Minneapolis – St. Paul metro area.
The property was acquired from Bentall Kennedy and brokered by Paul Barile and Janice Sellis of Transwestern. Financing was arranged by Bill Barry of Draper & Kramer and originated by Cindy Erickson for Wells Fargo’s Chicago office.
Along with eight other properties located across six states, the recent Village of Blaine acquisition brings total Pine Tree-affiliated partnership investments over the past 16 months to $245 million.
“Since 1995 we’ve been building the best team in the industry,” said Peter Borzak, Principal and Co-Founder of Pine Tree. “We are vertically-integrated and experienced across the risk spectrum from ground-up development, re-development and value-add to stable core acquisitions, our team has a full complement of skills to address any issue over the life of a shopping center. Today, we are especially focused on acquiring and managing assets that will thrive in the omnichannel era.”
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 74 properties with an aggregate value of nearly $815 million. The company’s projects are located across the United States.
About The Davis Companies:
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, operating and management firm headquartered in Boston that has invested nearly $3.0 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns and manages a real estate portfolio of 12 million square feet. For more information on The Davis Companies, please visit www.thedaviscompanies.com
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