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NEWS RELEASE
Pine Tree Commercial Realty & Gem
Realty Capital to Convert Wal-Mart to Shopping Center Serving
N. Kentucky & S. Cincinnati
FLORENCE, KY
(March 9, 2005) – Pine Tree Commercial Realty,
LLC of Lake Bluff, Ill., in conjunction
with GEM Realty Capital, Inc.
of Chicago, recently purchased a 118,000 square-foot Wal-Mart
building on a 10-acre parcel in Florence, Ky., with plans
to convert it into a multi-mid-box retail shopping center
called Turfway Commons. According
to Richard Evans, Senior Vice
President for Pine Tree, the construction is estimated to
begin in mid-2006, with a projected opening in spring 2007.
Turfway Commons is expected to serve residents of both Florence
and south suburban Cincinnati, Ohio.
The building,
still occupied by Wal-Mart, will be remodeled after the retailer
vacates the space. Evans says it will then be converted into
the approximately 100,000 square-foot Turfway Commons with
three to four anchor tenants ranging in size from 25,000 to
40,000 square feet, as well as some small shop space.
“This area
is the heart of the newer Florence retail and is already attracting
national retailers,” Evans says of the site’s
location on the northwest corner of Spiral Drive and Houston
Road. The nearby intersection of Houston and Thoroughbred
Boulevards has landed Sam’s,
Home Depot, Kohl’s,
Meijer, Linens ‘N
Things, Best Buy,
Dick’s Sporting Goods,
Bigg’s, Lowes,
and Target, among others. In
addition, says Evans, “Florence is across the river
from Cincinnati’s south side, and our site is one of
the last areas in that market zoned and available for retail.”
Leasing inquiries can be directed to Pine Tree’s
Executive Vice President Tim Roe at
(847) 574-3322.
Neal Gumbin,
Managing Director of Acquisitions for GEM Realty Capital,
which partnered with Pine Tree in the purchase, says, “We
are very excited about the opportunity to re-tenant this property
with national retailers to serve the strong consumer demographics
of this growing area.”
Founded in 1994,
GEM Realty Capital, 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 approximately $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.
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.
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