NORTHBROOK, Ill. (June 30, 2016) – Northbrook-based Pine Tree, LLC today announced its purchase of Metro Crossing shopping center. Located just 10 minutes from downtown Omaha in the suburb of Council Bluffs, Iowa, the 299,578-square-foot shopping center is anchored by Dick’s Sporting Goods, TJ Maxx, Hobby Lobby, Petsmart, Bed Bath & Beyond, Dollar Tree and Ulta, among others. In addition to a variety of restaurants and other tenants, Metro Crossing features shadow-anchors Target and Kohl’s.
First developed in 2008 with additional construction phases occurring through 2015, the shopping center sits at the intersection of Interstate 29 and Highway 275 – immediately south of Interstate 80 – in the heart of the Omaha suburb’s preeminent retail corridor. This latest acquisition caps Pine Tree’s 2.5-year transaction total at $800 million.
“Metro Crossing features outstanding visibility and accessibility from I-29, I-80 and Highway 275 – combined with a strong regional and national tenant mix,” said Todd Zinsmaster, Executive Vice President of Acquisitions & Development for Pine Tree. “We’re proud and excited to add this strong community center to a portfolio which has grown considerably during what has become one of the most active and successful few years on record for Pine Tree.”
The acquisition was brokered by George Good at CBRE. Financing was provided by Bank of America.
About Pine Tree:
Pine Tree, 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 91 properties with an aggregate value of over $1 billion. The company’s projects are located across the United States.
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