CHICAGO, Ill. (June 13, 2024) – Pine Tree, in partnership with a state pension fund, acquired six (6) best-in-class open-air shopping centers for $495 million. The 95% leased, 2.5 million-square-foot portfolio consists of retail assets in Fort Lauderdale, Florida; Columbus, Ohio (2); Cincinnati, Ohio; Phoenix, Arizona; and Portland, Oregon. The portfolio’s essential retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods, and 13 stores leased by various TJX Companies’ concepts. The transaction was sourced off-market and brings Pine Tree’s assets under management to nearly $2.5 billion.
“We are incredibly excited to add these large format, best-in-class assets with strong tenant performance to Pine Tree’s growing national essential retail portfolio at a time of increasing retail sector investor sentiment,” said Conor Bossy, Chief Investment Officer at Pine Tree. “Pine Tree’s deep industry relationships with peers and capital partners allowed for an efficient off-market transaction. We look forward to working with our tenants and partners to create value while growing these shopping centers’ importance in their communities.”
- The Fountains is a 430,000-square-foot shopping center located in Plantation, Florida within the Miami / Fort Lauderdale MSA. Positioned within the Plantation Midtown District, a mixed-use area featuring 860 acres of offices, retail shops, restaurants, and medical services, The Fountains features Kohl’s, Marshalls/HomeGoods, and Dick’s Sporting Goods.
- Arrowhead Crossing is a 362,000-square-foot shopping center located in Phoenix, Arizona. Positioned adjacent to the Peoria Sports Complex – the spring training home of the Seattle Mariners and San Diego Padres – and is directly across from the high-quality Arrowhead Towne Center Mall. Arrowhead Crossing features Target, TJ Maxx, Ulta Beauty, HomeGoods, Burlington, Five Below, and Nordstrom Rack.
- Easton Market is a 501,000-square-foot shopping center located in Columbus, Ohio. Positioned in the dominant regional trade area adjacent to the high-quality Easton Town Center, Easton Market offers easy access from I-270 and is located near in a submarket that features corporate headquarters of several large companies including L Brands, Lane Bryant, Safe Auto Insurance, Huntington Bank and Chase Home Finance. The shopping center features Target, Lowe’s, Marshalls, HomeGoods, Ulta Beauty, Nordstrom Rack, Michaels, Petsmart, Burlington, Five Below, and T.J. Maxx.
- Kenwood Square is a 424,000-square-foot shopping center located in Cincinnati, Ohio. Positioned in the Kenwood retail corridor near Kenwood Towne Center, one of the top-performing malls in the state, Kenwood Square features prominent retailers Dick’s Sporting Goods, T.J. Maxx, Michaels, HomeGoods, Marshalls, Five Below, and Ulta Beauty.
- Polaris Towne Center is a 459,000-square-foot grocery-anchored shopping center located in Columbus, Ohio. The dominant power center in the fast-growing northern Columbus submarket, Polaris Towne Center features Target, Kroger, Lowe’s, Best Buy, TJ Maxx, Sierra Trading Post, Ulta Beauty, and Five Below.
- Tanasbourne Town Center is a 300,000-square-foot shopping center located in Hillsboro, Oregon in the Portland MSA. Tanasbourne Town Center is located near several major employers, and features Target, Best Buy, Marshalls, Sierra Trading Post, Ulta Beauty, Nordstrom Rack, Michaels, and Petco.
