Pine Tree acquires Bloomington Grocer

Northbrook, Ill. -- Pine Tree Commercial Realty said its affiliate has acquired a Rainbow Foods grocery store in Bloomington, Minn.



The purchase expands the real estate development firm’s portfolio of shopping centers to include freestanding grocery stores.



The 64,130-sq.-ft. building is fully leased to Rainbow Foods, and features nearby retailers Target and Walgreens.



Rainbow Foods is a division of Roundy’s Supermarkets Inc.



Pine Tree acquired the property from a Chicago-based seller for an undisclosed amount, and will manage the center.