Pine Tree, a national owner and operator of open-air shopping centers, announced that it has acquired sponsor interest in a 10-property portfolio recently appraised at $644 million and totaling 3.5 million square feet. Terms were not disclosed. The interest was acquired from SITE Centers in partnership with a large international investor. The transaction grows Pine Tree’s assets under management to more than $4 billion.
Spanning nine states and located in top 50 U.S. markets, the primarily grocery-anchored portfolio is comprised of a mix of national and regional retailers. Tenants include Target, Sam’s Club, Publix, ALDI, Sprouts Farmers Market, Food Lion, The Fresh Market, Lowe’s, DICK’S Sporting Goods, Best Buy, Marshalls, HomeGoods and Ross Dress for Less.
“This is the second off-market portfolio transaction between SITE Centers and Pine Tree, with a total asset value of over $1.1 billion, and the single-largest transaction in our 31-year history,” said Peter Borzak, CEO and co-founder of Pine Tree. “We are grateful for our counterparts at SITE Centers for facilitating a mutually beneficial transaction and look forward to the future relationship with our institutional partner who shares our investment thesis.”
Pictured: University Centre, Wilmington, NC. Photo courtesy of CBRE.
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