FLORENCE, KY – Pine Tree Commercial Realty, LLC of Lake Bluff, Ill., announced that Babies “R” Us has become the first anchor signed for the proposed Turfway Commons. The new multi-box retail center is planned for conversion from an existing 118,000 square-foot Wal-Mart building that Pine Tree purchased last February in partnership with GEM Realty Capital, Inc. of Chicago. According to Richard Evans, Senior Vice President for Pine Tree, the partnership has leased the building back to Wal-Mart until next spring or early summer when the retailer will relocate to a nearby property. Then, in mid-2006, construction will begin on the vacated building, with the new Turfway Commons expected to open in spring 2007 along with Babies “R” Us.
Evans says that there is room at Turfway Commons for two or three more anchor tenants ranging in size from 25,000 to 40,000 square feet, as well as some small shop space. The center is located on northwest corner of Spiral Drive and Houston Road adjacent to a strip center and Sam’s Club. The project is also near the intersection of Houston and Thoroughbred Boulevards, which features Home Depot, Kohl’s, Meijer, Linens ‘N Things, Best Buy, Dick’s Sporting Goods, Bigg’s, Lowes and Target, among others, in a trade area that serves residents of both Florence, Ky., and south suburban Cincinnati, Ohio. Leasing inquiries can be directed to Pine Tree’s Executive Vice President Tim Roe at (847) 574-3322.
Pine Tree Commercial Realty, LLC is a full-service real estate development company headquartered in Lake Bluff, Ill., with branch offices in Indianapolis, Minneapolis, and Kansas City. The company, founded in 1995 by principals Barry Herring and Peter Borzak, is actively involved in the development, acquisition, leasing, and management of retail properties in the Midwestern United States. Pine Tree and its affiliates also provide third-party leasing, management, and construction services.
Founded in 1994, GEM Realty Capital, Inc. is a Chicago-based real estate investment company that invests in private-market and publicly traded real estate through two lines of business, GEM Realty Properties and GEM Realty Securities. Through GEM Realty Properties, GEM sponsors private equity real estate funds that invest directly in properties and loans. Through GEM Realty Securities, GEM manages a series of long-short real estate hedge funds that invest in publicly traded real estate securities, including REITs, real estate operating companies, and homebuilders. Through these two lines of business, GEM invests capital on behalf domestic and foreign clients, including pension funds, insurance companies, financial institutions, endowments, foundations, and private clients.