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NEWS RELEASE
N E W S R E L E A S E
Pine Tree-Inland Development Acquires JV’s 1st Idaho Property,
Will Redevelop Former K-Mart into Strip Center
BOISE, Idaho
(October 10, 2007) – Pine Tree-Inland Development I LLC,
a joint venture between Pine Tree Institutional Realty of
Northbrook, Ill., and Inland Real Estate Corporation of
Oak Brook, Ill., recently closed on its first Idaho acquisition.
Pine Tree Principals Barry Herring and Peter Borzak
announced the purchase of a former Kmart store anchoring
Southshore Marketplace, a fifteen-year-old neighborhood
center in Boise, Idaho. Plans are to spend $13 million to
redevelop the 88,000 square foot Kmart building into 91,400
square feet of new retail.
According to Tim Roe, President of Pine Tree
Commercial Realty, which is handling the development,
construction, leasing, and property management for the project,
the firm is finalizing letters of intent from three national
mid-box retail chains that will fill 85,000 square feet of the
project. “There will also be small shop space available,” he
says.
Adjacent to the Pine Tree project in the same community shopping
center, but separately owned, is one of the top-performing
Albertson’s in the city, as well as other in-line shops.
“We’re in a great place to develop new retail,” says Roe.
“Construction will entail a partial tear-down of the former
Kmart building, as well as new construction to expand it.” Pine
Tree Commercial intends to begin construction in spring 2008,
with completion estimated for fall 2008.
A Bridge to the Future
Roe says that the innate value of the project is tied to a new
$23 million bridge being erected by the city that, upon
completion in 2009, will span the Boise River and link the
center with Boise’s undeveloped low-mountain region, which is
planned for 5,000 high-income home sites. “That will almost
triple the traffic volume along Parkcenter Boulevard in front of
the center,” Roe says, “so, the future growth in this part of
the city makes this a great project for our investors.”
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