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NEWS RELEASE
Roe says that the pinpointing of this kind of potential is
key to Pine Tree’s involvement with Inland Real Estate.
“We’re small and agile enough to turn the deals quickly for
a larger investment partner. For example, after identifying
the potential for this project, we were able to close on the
property within 60 days.”
According to Pine Tree Vice President Todd Zinsmaster, who will
spearhead the development, “We want to make this the best retail
center in Boise.” He says Pine Tree anticipates additional
acquisitions and development in the Boise trade area and
surrounding community. “So, we’re looking forward to making a
good impression with the community here.”
In the Pine Tree transaction, Mark Bottles of Mark
Bottles Real Estate Services in Boise represented the
seller, Roger H. Allen of Avest Commercial Properties
in Boise. According to Roe, Bottles will also be engaged to
represent Pine Tree for leasing services.
Pine Tree-Inland Development I LLC is a joint venture between
Pine Tree Institutional Realty and Inland Real Estate
Corporation.
Pine Tree Institutional Realty LLC, headquartered in
Northbrook, Ill., is involved in the acquisition, ownership and
disposition of real estate assets. Its affiliate, Pine Tree
Commercial Realty LLC is a full-service real estate development
company, also based in Northbrook, with branch offices in
Indianapolis, Minneapolis, and Kansas City. Since its founding
in 1995 by Principals Barry Herring and Peter Borzak,
Pine Tree has acquired and developed more than 50 properties
valued at over $450 million. The company’s projects, primarily
located in the Midwest, are now expanding into the Western and
Southeastern U.S.
Inland Real
Estate Corporation (NYSE:IRC),
headquartered in Oak Brook, Ill., is a self-administered and
self-managed publicly traded real estate investment trust that
owns interests in 147 neighborhood, community and single-tenant
retail centers located primarily in the Midwestern United States
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