Via GlobeSt.com – NORTHBROOK, IL—Northbrook-based Pine Tree Commercial Realty, LLC has just acquired or broken ground on a group of shopping centers in five states. The properties, located in Illinois, Nevada, Missouri, Idaho and California, represent $101 million in investments and bring the firm’s portfolio up to 3.2-million-square-feet in 24 properties, says executive vice president, acquisitions and development Todd Zinsmaster.
The company acquired the Sparks Galleria Shopping Center in Sparks, Nevada, near Reno, in partnership with Elgin-based Wanxiang America Corporation, for $26.2 million. The partners plan to redevelop the 213,900-square-foot center, first built in 2006, and add 120,000-square-feet of retail space. Costco and Home Depotshadow-anchor the project, which sits within Sparks’ Spanish Springs master-planned community. 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.”
Pine Tree’s other acquisition, Shoppes at Shoal Creek in Kansas City, MO, was purchased in partnership with Wanxiang and Osprey Real Estate Capital. Best Buy and Office Max anchor the 97,085-square-foot center, which the partners purchased for $17.6 million. Tenants occupy 97% of the property and a new 15,600-square-foot La-Z-Boy store set to open this summer is under construction. Acquisition and construction financing was provided by Associated Bank and also arranged by Barry.
Pine Tree has also started the redevelopment of the Times Square Mall in downstate Mt. Vernon, IL. In partnership with The Sansone Group and Wanxiang, Pine Tree will redevelop the 281,000-square-foot mall, already anchored by JCPenney, Hobby Lobby, Ross and Big Lots. Acquisition and construction financing was provided by Associated Bank and arranged by Barry.
And in suburban Evergreen Park, Pine Tree and Inland Real Estate Corporation have partnered with Chicago-based IBT Group to develop the 92,512-square-foot Evergreen Promenadeshopping center. IBT originated and will spearhead the project. The partners broke ground on the center, located just west of Western Ave. along 95th St., in November 2013. A Mariano’s Fresh Market and a Petsmart will anchor the project. PNC Bank will provide financing.
Pine Tree will also partner with Inland to redevelop a vacant Kmart in Boise, ID into the 103,000-square-foot Southshore Marketplace. A Gordmans Department Store will anchor the project. And in San Marcos, CA, Pine Tree will build the retail portion of Palomar Station, a 370-unit apartment complex that an affiliate of Newport Beach, CA-based Lyon Communities will develop.
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