NORTHBROOK, Ill. (September 23, 2014) – Northbrook-based Pine Tree Commercial Realty, LLC today announced that it has acquired Riverbend Marketplace, a regional shopping center located in Asheville, N.C. in partnership with Wanxiang America Real Estate Group. The recent acquisition is Pine Tree’s 72nd.
The 142,617 SF shopping center is situated southeast of downtown Asheville with excellent access directly from Interstate 240 and sits along the desirable Tunnel Road Corridor, the main commercial corridor of eastern Asheville. Riverbend Marketplace is shadow-anchored by Walmart, anchored by Kohl’s and Petsmart, and features 110,715 SF of national best-in-class retailers.
“We are very excited to have acquired Riverbend Marketplace especially given Asheville’s strong, vibrant and growing community,” said Todd Zinsmaster, Executive Vice President, Acquisitions & Development at Pine Tree Commercial Realty. “Entering the North Carolina market has been a goal of Pine Tree’s, and we look forward to committing our resources and expertise to immediately increase the value of this asset in addition to expanding future holdings throughout the Southeastern United States.”
An artistic community whose population increased 1.3% annually between 2000-2010, Asheville was recently ranked 34th by Forbes in its list of the “Best Places for Business and Careers.” With a metropolitan area population of nearly 425,000, Asheville’s economy continues to gain strength in areas of tourism. Asheville was named “Beer City USA” each year from 2009-2012, in part to its burgeoning microbrewery scene.
About Pine Tree Commercial Realty:
Pine Tree Commercial Realty, LLC is a full-service real estate development company based in Northbrook, Ill. Since its founding in 1995, Pine Tree has acquired and developed 72 properties with an aggregate value of over $750 million. The company’s projects are located across the United States.
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