Projects represent $101 million in new investments
NORTHBROOK, Ill. (January 30, 2014) – Northbrook-based Pine Tree Commercial Realty, LLC has acquired two shopping centers in Nevada and Missouri and broken ground on an additional four properties in Illinois, Idaho and California.
The recent activity brings Pine Tree’s current portfolio to 3.2 million square feet in 24 separate properties, according to Pine Tree’s Executive Vice President, Acquisitions and Development Todd Zinsmaster. These new properties represent $101 million in investments, he said.
The company acquired the Sparks Galleria Shopping Center in Sparks, Nevada, near Reno, in partnership with Wanxiang America Corporation, for $26.2 million. Pine Tree plans call for the 213,900 square foot commercial center, built in 2006, to be redeveloped with an additional 120,000 square feet of new retail space. The project, which is located in Sparks’ Spanish Springs master-planned community, is shadow anchored by Costco and Home Depot.
Acquisition funding was provided by Prime Financial and arranged by Bill Barry of Draper & Kramer.
“We’re excited to be a part of this redevelopment project” says Zinsmaster. “We look forward to capitalizing on new housing growth exhibited in the area which will attract new anchors to the market.”
The second acquisition, purchased in partnership with Wanxiang America Corporation and Osprey Real Estate Capital, is Shoppes at Shoal Creek in Kansas City, Missouri. Built in 2005, the 97,085 square foot shopping center was purchased for $17.6 million. Located in the Liberty Retail Corridor near I-35 and Highway 152, the property is 97% occupied and is anchored by Best Buy and Office Max. A new La-Z-Boy store is under construction for 15,600 square feet, with plans to open this summer.
Acquisition and construction financing was provided by Associated Bank and arranged by Bill Barry of Draper & Kramer.
“Pine Tree’s acquisition in the Kansas City market is an exciting opportunity to increase the value of the asset immediately with the addition of a strong new anchor tenant. We look forward to increasing our presence in Kansas City as it is such a strong and vibrant market,” said Tim Roe, Executive Vice President, Leasing, for Pine Tree.
CONSTRUCTION BEGINS
Pine Tree has also started construction for the redevelopment of the Times Square Mall in Mt. Vernon, Illinois. City of Mt. Vernon Mayor Jane Chesley sawed a piece of wood in half to symbolize the start of the mall improvements.
In partnership with The Sansone Group and Wanxiang America Corporation, Pine Tree Commercial Realty is redeveloping the 281,000 square foot mall that is anchored by JCPenney, Hobby Lobby, Ross and Big Lots. Acquisition and construction financing was provided by Associated Bank and arranged by Bill Barry of Draper & Kramer.
In Evergreen Park, Illinois, Pine Tree and Inland Real Estate Corporation are partnering with Chicago-based IBT Group to develop the 92,512 square foot Evergreen Promenade shopping center. The center, which was originated and being spearheaded by IBT and located just west of Western Avenue along 95th St., will be anchored by Mariano’s Fresh Market and Petsmart. Groundbreaking occurred in November 2013. Financing will be provided by PNC Bank.
Southshore Marketplace in Boise, Idaho, is being redeveloped by Pine Tree in partnership with Inland Real Estate Corporation. The 103,000 square foot project is the redevelopment of a vacant Kmart Store. Plans call for the redevelopment to be anchored by Gordmans Department Store.
In San Marcos, California, Pine Tree is building the retail portion of Palomar Station, a 370-unit apartment complex. The apartments are being developed by an affiliate of Newport Beach, CA-based Lyon Communities.
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 69 properties valued over $680 million. The company’s projects are located across the United States.
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