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NEWS RELEASE
Pine Tree Commercial Realty Signs Babies
“R” Us To Turfway Commons
FLORENCE, KY
(November 17, 2005) – Pine Tree Commercial Realty,
LLC of Lake Bluff, Ill., announced that Babies “R”
Us has become the first anchor signed
for the proposed Turfway Commons.
The new multi-box retail center is planned for conversion
from an existing 118,000 square-foot Wal-Mart
building that Pine Tree purchased last February in partnership
with GEM Realty Capital, Inc.
of Chicago. According to Richard Evans,
Senior Vice President for Pine Tree, the partnership has leased
the building back to Wal-Mart until next spring or early summer
when the retailer will relocate to a nearby property. Then,
in mid-2006, construction will begin on the vacated building,
with the new Turfway Commons expected to open in spring 2007
along with Babies “R” Us.
Evans says that
there is room at Turfway Commons for two or three more anchor
tenants ranging in size from 25,000 to 40,000 square feet,
as well as some small shop space. The center is located on
northwest corner of Spiral Drive and Houston Road adjacent
to a strip center and Sam’s Club.
The project is also near the intersection of Houston and Thoroughbred
Boulevards, which features Home Depot,
Kohl’s, Meijer,
Linens ‘N Things, Best
Buy, Dick’s Sporting Goods,
Bigg’s, Lowes
and Target, among others, in
a trade area that serves residents of both Florence, Ky.,
and south suburban Cincinnati, Ohio. 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.
Founded in 1994,
GEM Realty Capital, Inc. is a Chicago-based real estate investment
company that invests in private-market and publicly traded
real estate through two lines of business, GEM Realty Properties
and GEM Realty Securities. Through GEM Realty Properties,
GEM sponsors private equity real estate funds that invest
directly in properties and loans. Through GEM Realty Securities,
GEM manages a series of long-short real estate hedge funds
that invest in publicly traded real estate securities, including
REITs, real estate operating companies, and homebuilders.
Through these two lines of business, GEM invests capital on
behalf domestic and foreign clients, including pension funds,
insurance companies, financial institutions, endowments, foundations,
and private clients.
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