BLOOMINGTON, MN - A Pine Tree Commercial Realty LLC affiliate recently acquired a Rainbow Foods 64,130 square foot grocery store in Bloomington, MN, for $8.3 million. The seller was not disclosed.
The building, which is fully leased to Rainbow Foods, is located at the intersection of Interstate 494 and Penn Ave., with access from American Boulevard West, a major east-west thoroughfare. Nearby retailers include a Target department store and Walgreens pharmacy, both separately owned.
“The Bloomington property is a great addition to our expanding portfolio of shopping centers,” says Pine Tree Senior Vice President of Acquisitions Todd Zinsmaster in a press release. “We plan to continue seeking high-quality grocers like this Rainbow Foods."
Financing was arranged through Bill Barry of Chicago-based Draper & Kramer and provided by New York-based Cantor Fitzgerald. Pine Tree Commercial Realty will manage the center.
Rainbow Foods is a division of Roundy's Supermakets Inc., a Milwaukee-based grocer with nearly $4.0 billion in annual sales.
Pine Tree is a full-service real estate development company based in Northbrook, IL.
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