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 Depot shadow-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.”