NORTHBROOK, Ill. (October 29, 2014) – Northbrook-based Pine Tree Commercial Realty, LLC has just completed $121 million in investments and increased the firm’s portfolio to 3.5 million SF in 15 states. When added to the other projects acquired in the last 12 months, the total investment amount exceeds $225 million.
In September, the company acquired the Poplar Prairie Stone Crossing shopping center in Hoffman Estates, Ill., for $47 million. A 312,000 SF Class-A power center located in Chicago’s northwest suburbs (and within the 59-90 Entertainment Corridor which includes regional draws like Cabela’s and the 11,800-seat Sears Centre Arena). Poplar-Prairie Stone Crossing is shadow-anchored by Target and features best-in-class retailers including TJ Maxx, Michaels, Ross Dress for Less, Petsmart, Lane Bryant, and Sports Authority. Acquisitions financing was provided by JP Morgan and arranged by Bill Barry of Draper & Kramer. Jones Lang LaSalle’s Carson Good brokered the sale.
Pine Tree’s most recent acquisition – and it’s 73rd deal since 1995 – is South Pasadena Shopping Center, a 166,000 SF grocery-anchored community shopping center located in Florida’s Tampa-St. Petersburg-Clearwater MSA.
“The addition of South Pasadena completes a $121 million couple of months for Pine Tree,” said Todd Zinsmaster, Executive Vice President Acquisitions. “We are fortunate that our national platform has allowed us to pursue some of the best opportunities available, and we are excited to continue to expand our acquisition activity in 2015.”
Other recent acquisitions include Riverbend Marketplace, a 143,000 SF Kohl’s and Wal Mart-anchored regional shopping center located in Asheville, N.C. purchased in partnership with Wanxiang America Real Estate Group, and a ground up development project on Chicago’s southwest side being spearheaded by Chicago-based IBT and Oak Brook, IL-based Inland Real Estate Corporation.
“As our 20th anniversary approaches, it’s amazing to see how far Pine Tree has come since it started 1995,” said Pine Tree co-founder Peter Borzak. “I’m proud to be working alongside what I believe is the best team across the industry, including our leasing, development, acquisitions, property management, omnichannel marketing, construction, asset management and accounting teams.”
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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