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NEWS RELEASE
Pine Tree Commercial Realty Purchases
Alton Corners in St. Louis Suburb
ALTON, IL (October
28, 2005) – Not far from the historic launching point
of the Lewis & Clark expedition, Pine Tree Commercial
Realty is making headway on its own
path in retail acquisitions, having made $100 million in shopping
center purchases in the past 12 months. Recently, an affiliate
of Pine Tree Commercial Realty, LLC of Lake Bluff, Ill., in
a joint venture partnership with Buchanan Street Partners
of Newport Beach, Calif., purchased the 68,071 square-foot
Alton Corners from local developer
G.J. Grewe, Inc., for an undisclosed
amount. The center, located on the southeast corner of Alton
Square Mall Drive and Homer M. Adams Parkway in Alton, Ill.,
a north suburb of St. Louis, is 100% leased and includes Office
Depot, PETCO,
Deal$, Applebee’s,
Quiznos, and Wells Fargo
Bank.
According to
Scott Goldman, Manager of Acquisitions
for Pine Tree, the company is investing in Alton Corners for
the long-term. “We believe in the center,” he
says. “It has a strong mix, and is prominently positioned
in a major trade zone on a vital thoroughfare.” The
center is just southeast of the Alton Square Mall,
and across from an existing Lowe’s and
Target, as well as a Home
Depot that is under construction, he
says. “It’s a high-quality, aesthetically pleasing
center surrounded by a densely populated community with a
stable demographic profile.”
Pine Tree will handle the leasing and management of the center.
Future leasing inquiries can be directed to Pine Tree’s
Executive Vice President Tim Roe at
(847) 574-3322.
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.
Buchanan Street Partners invests equity
capital with developers and owners, delivers capital advisory
services backed by established capital markets relationships,
and offers expert investment management services to a diverse
investor base. Buchanan was represented by Senior Vice President
John Pantone.
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