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FORT WAYNE, IN-Pine Tree Commercial Realty and Inland Real Estate Corp. have partnered to form PTI Ft. Wayne LLC, which is developing the Orchard Crossing project here at Illinois and Thomas roads. There is a 125,000-sf Target that is going up and anchoring the site, being built by the retailer itself, but PTI is responsible for the rest of the power center. “Our part of the project is costing about $20 million,” says Bruce Boruszak, EVP of development for Pine Tree.

Other tenants currently include a 50,000-sf Gordmans, Boruszak, but he’s keeping mum about the rest. “We’re asking $28 to $32, triple net, for the small shop space, because at this time, the remainder of the space is accounted for either in leases or letters of intent,” Boruszak tells GlobeSt.com. The site plan has spaces for more than 20 retailers besides Target, including out-lots. The center should open by October, he says.

He says the 32-acre parcel is perfect for more retail. “It’s kitty-corner from Jefferson Point Mall, a 600,000-sf lifestyle center, and across from another center, Apple Glen,” Boruszak says. “Fort Wayne is a strong community area.”

The development has an interesting story that’s about to play out this week. Included in the 16 parcels purchased to form this site was a 1890s-era, two-room brick schoolhouse, that was formerly being used as a hair salon. The joint venture is paying to move the property a quarter of a mile northeast, on Wednesday, March 12, to an area along Thomas Road, so that the building may be saved from demolition. “Saving the schoolhouse will be more expensive than razing it,” Boruszak says. “We felt it was an interesting part of Fort Wayne’s history and wanted to preserve it for the community.” The 1,835-sf schoolhouse will be leased out as another retail store, such as a coffee shop, he says.

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