Pine Tree acquires 139k SF Chicago MSA shopping center

NORTHBROOK, Ill. (April 14, 2016) – Marking the company’s 90th acquisition since 1995, Northbrook-based Pine Tree Commercial Realty, LLC today announced its purchase of Town Square shopping center. Located just 45 minutes from downtown Chicago in densely-populated Schererville, Indiana, the 138,571-square-foot shopping center is anchored by Bed Bath & Beyond and TJ Maxx and features top-tier national and regional tenants including Old Navy and Shoe Carnival, among others.

Constructed in 2001, the shopping center sits at the intersection of Main Street and the area’s main traffic artery Highway 41 (Indianapolis Boulevard), the latter of which carries over 40,000 vehicles daily in a suburb generating strong demand and retailer interest. Currently in early planning stages, the proposed South Shore Rail Line will see Schererville connect directly to Chicago’s Central Business District via light rail with an estimated 5,600 new daily riders as a result.

“We believe Town Square’s outstanding visibility from Highway 41, strong regional and national tenant mix, and densely-populated trade area make it a great addition to our portfolio,” said Todd Zinsmaster, Executive Vice President of Acquisitions & Development for Pine Tree.

The acquisition was brokered by HFF. Financing was provided by Wells Fargo.

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About Pine Tree Commercial Realty:
Pine Tree Commercial Realty, LLC is a full-service real estate company specializing in retail based in Northbrook, Ill. Since its founding in 1995, Pine Tree has acquired and developed 90 properties with an aggregate value of over $1 billion. The company’s projects are located across the United States.

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