Pine Tree buys two centers, breaks ground on four

Northbrook, Ill. Pine Tree Commercial Realty has acquired two shopping centers, one in Nevada and the other in Missouri. The developer has also broken ground on four properties, two in Illinois, one in Idaho, and one in California.

The activity brings Pine Tree’s current portfolio to 3.2 million sq. ft. in 24 properties.

The new properties, representing an investment of $101 million, include the Sparks Galleria Shopping Center in Sparks, Nevada, near Reno. Acquired in partnership with Wanxiang America Corp., the investment totaled $26.2 million. Pine Tree plans to redevelop the 213,900-sq.-ft. center and add 120,000 sq. ft. of new retail space. Prime Financial provided the acquisition funding, which as arranged by Draper & Kramer.

The second acquisition, purchased for $17.6 million in partnership with Wanxiang America Corp. and Osprey Real Estate Capital, is Shoppes at Shoal Creek in Kansas City, Mo. Best Buy and Office Max anchor the 97,085-sq.-ft. center that was built in 2005. A new La-Z-Boy store, now under construction, plans to open this summer. Associated Bank provided the acquisition and construction financing, which was arranged by Draper & Kramer.

Pine Tree has also broken ground on the redevelopment of Times Square Mall in Mt. Vernon, Ill., in partnership with The Sansone Group and Wanxiang America Corp. Anchors of the 281,000-sq.-ft. property include J.C. Penney, Hobby Lobby, Ross Dress for Less and Big Lots. Associated Ban provided the acquisition and construction financing, which was arranged by Draper & Kramer.

Pine Tree and Inland Real Estate Corp., partnering with IBT Group, the project’s spearhead, are developing the 92,512-sq.-ft. Evergreen Promenade shopping center in Evergreen Park, Ill. Mariano’s Fresh Market and Petsmart will anchor the property. PNC Bank is financing the project.

In partnership with Inland Real Estate Corp., Pine Tree is redeveloping Southshore Marketplace in Boise, Idaho. Gordmans Department Store will anchor the 103,000-sq.-ft. redevelopment of a former Kmart on the property.

In San Marcos, Calif., Pine Tree is building the retail portion of Palomar Station, a 370-unit apartment complex.


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