Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MONTROSE, CO-Pine Tree Commercial Realty, a 10-year-old firm based in Lake Bluff, IL, formed a joint venture with Aspen-based Meritage Development Group to buy a 28-acre site here, between Grand Junction and Durango. The purchase price wasn’t disclosed.

The partnership has no immediate plans for development, although the land is expected to be used for a shopping center, says Richard Evans, senior vice president for Pine Tree. “This property is located in a growing community that is increasingly adopting the resort and recreational lifestyles of the Rockies,” says Evans. The center will likely consist of about 150,000 sf and will include multiple buildings, a Pine Tree spokeswoman tells GlobeSt.com.

The property is on Highway 550, the main retail thoroughfare in Montrose, and is near a new Super Wal-Mart and a recently completed Home Depot. In addition, Evans says that the corridor also serves five other counties in Southwest Colorado. “We’ll be well-positioned to serve the growth that’s expected in the region,” Evans notes.

Pine Tree is a full-service real estate development company founded in 1995 by Barry Heering and Peter Borzak. Pine Tree was represented in-house by Scott Goldman, vice president of acquisitions. Meritage was represented by Scott Russell, principal of the company. Bruce Block of JMB Real Estate in Chicago was the broker on the transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.