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NEWS RELEASE
Pine Tree Commercial Expands into Colorado
with JV Land Purchase in Montrose, Retail Center Planned
MONTROSE, Colo. (December 7, 2005) –
Pine Tree Commercial Realty, LLC
of Lake Bluff, Ill., announced a westward expansion of its
acquisitions by entering into a joint venture with Aspen,
CO-based Meritage Development Group for the recent purchase
of a 28-acre site in Montrose, Colorado, midway between Grand
Junction and Durango. Pine Tree Commercial was represented
by Scott Goldman, Vice President
of Acquisitions, and Meritage was represented by Scott
Russell, Principal. Bruce
Block of JMB Real Estate
in Chicago was the broker on the transaction.
According to Richard
Evans, Senior Vice President for Pine Tree, the partnership
has no immediate plans for development, although the property
is slated for eventual use as a shopping center. “This
property is located in a growing community that is increasingly
adopting the resort and recreational lifestyles of the Rockies,”
says Evans. The property is ideally situated on Highway 550,
the main retail thoroughfare in Montrose, near a new Super
Wal-Mart and a recently completed Home Depot. In addition,
Evans says that the corridor not only serves Montrose, but
five other counties in southwest Colorado. “We’ll
be well positioned to serve the growth that’s expected
in the region.”
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 and
Western United States. Pine Tree and its affiliates also provide
third party leasing, management, and construction services.
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