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NEWS RELEASE
Pine Tree Commercial Retained by State
Pension Fund to Acquire Shopping Centers for Investment Portfolio
LAKE BLUFF, Ill. (May 15, 2006) –
Barry Herring and Peter
Borzak, founding partners of Pine
Tree Commercial Realty, LLC of Lake Bluff, Ill., announced
the firm’s exclusive assignment to represent a state
pension fund being advised by Henderson Global Investors of
London to acquire retail properties in the Midwest and Western
United States. According to Herring and Borzak, Pine Tree
has been enlisted to locate and acquire qualified shopping
centers on an all-cash basis. Silver
Portal Capital of San Diego acted as advisor to Pine
Tree.
Pine Tree recently made its first acquisition
for the fund with the purchase of Gateway Centre (110,440
s.f.) in San Ramon, Calif., located on San Francisco’s
East Bay. The seller was BlackRock Realty Advisors of Florham
Park, N.J.
Pine Tree Vice President of Acquisitions Scott
Goldman said that Gateway Centre, at 98% occupancy
and anchored by Albertsons and Walgreens, is a perfect example
of filling the fund’s criteria. “We’re looking
for core and value-add properties in both urban and suburban
markets,” he said. “Our focus is on anchored institutional-quality
centers where our ability to close quickly on an all cash
basis will give us a competitive advantage.” Goldman
said that the plus with Gateway Centre is its location on
San Ramon Valley Boulevard and proximity to Interstate 680
in the midst of an affluent, dense market. “We were
able to make the purchase on an all-cash basis closing less
than 40 days from letter of intent,” he said.
Since its founding in 1995, Pine Tree has
developed and acquired more than 50 properties valued at over
$350 million. According to Barry Herring, “Our background
as a shopping center developer allows us to add value to the
acquisition process because of the insights we can bring to
due diligence. We also have tremendous in-house capabilities
to handle any aspect of property ownership over a typical
7- to 10-year holding period.”
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 is actively involved in the development,
acquisition, leasing, and management of retail properties
throughout the United States. Pine Tree and its affiliates
also provide third party leasing, management, and construction
services.
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