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NEWS RELEASE
Pine Tree Commercial JV with GEM Investors
Acquires 59-Acre Parcel in Avon, Indiana
AVON, Ind. (February 16, 2006) – GPT
Avon, LLC, a joint venture between Pine
Tree Commercial Realty of Lake Bluff, Ill., and GEM
Investors of Chicago, recently acquired a 59-acre parcel
of land in Avon, a western suburb of Indianapolis, announced
Pine Tree Senior Vice President
Richard Evans. The parcel, which is zoned for mixed-use
development, is located near 975 East U.S. 36 on the north
side of Rockville Road. Broker for the buyer was Joe
Tarpey of Indianapolis-based RESOURCE
Commercial Real Estate. Representing the seller was
Ryan Zickler of Zickler
Associates, LLC, in Indianapolis.
Evans points out that the property is ideally
situated along a main retail corridor serving the suburban
area five miles west of Indianapolis, and is immediately adjacent
to an existing Walmart Supercenter.
“The town of Avon was only incorporated
in 1997,” says Evans, “and has been rapidly growing
since then. So, this is an exciting investment for future
development.” As to specifics, Evans says that beyond
the zoning plans that were pre-ordained, no details have yet
been stipulated. “We’re working closely with local
planning officials to ensure that whatever details we plan
will be in best interests of the community,” he says.
“Everyone here is very positive about the process. We’re
excited to be involved in this dynamic, growing community.”
Pine Tree Commercial Realty, LLC is
a full-service real estate development company headquartered
in Lake Bluff, Ill., with branch offices in Indianapolis,
Minneapolis, and Kansas City. The company, founded in 1995
by principals Barry Herring and Peter Borzak, is actively
involved in the development, acquisition, leasing, and management
of retail properties in the Midwestern United States. Pine
Tree and its affiliates also provide third party leasing,
management, and construction services.
GEM Investors, Inc. -- Founded in 1994,
GEM Investors, Inc. is a Chicago-based real estate investment
company that invests in private market real estate assets
and publicly traded real estate securities. GEM has acquired
over $800 million of private real estate assets, including
properties and loans. In addition, GEM has over $500 million
of assets under management in long-short hedge funds that
invest in publicly traded real estate securities, including
REITs and real estate operating companies.
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