SHOPPING CENTER TO INCLUDE ALBERTSONS COMPANIES NEW CULINARY EXPERIENCE STORE PROTOTYPE
NORTHBROOK, Ill. (February 12, 2018) – Northbrook-based Pine Tree, LLC, in partnership with a U.S. state pension fund, acquired 527,000-square-foot Meridian Crossroads shopping center in the Boise, ID market from Beachwood, OH-based DDR Corp. Meridian Crossroads is located at the intersection of Fairview Avenue and Eagle Road, the busiest intersection in the entire state of Idaho.
The Pine Tree partnership acquired the property on an all-cash basis for $78.7 million.
“We are very excited about this acquisition as we believe that the Meridian Crossroads shopping center is a model for success in today’s rapidly evolving retail environment,” said Hal Scudder, Pine Tree’s Chief Investment Officer. “We were attracted to Meridian Crossroads because of its unique location, high traffic counts, and its healthy and diversified mix of local, regional and national tenants across a wide variety of categories, including food, apparel, furniture, and restaurants. We are especially excited to be working with Boise, ID-based Albertsons Companies as they open a new experiential 109,000-square-foot full-line grocery store under their ‘Market Street Idaho’ banner.”
When completed, the grocery store will be one of the largest in Idaho.
“We think the time is right to bring new culinary experiences to the Treasure Valley, so that’s why the Market Street Idaho concept came to fruition,” said John Colgrove, President of the Intermountain Division of Albertsons Companies. “The Treasure Valley has deep roots in great local food stemming from our farming and ranching industry all the way to our refugee and Basque communities, and we feel this location with its active intersection and local growth is a perfect spot for an elevated grocery store experience.”
Meridian Crossroads was brokered by Mark Bottles of Mark Bottles Real Estate and represents Pine Tree’s second acquisition in the Boise market, one of the fastest-growing in the United States.
About Pine Tree:
Pine Tree, LLC is a Northbrook, Illinois-based full-service real estate company specializing in retail. Since its founding in 1995, Pine Tree has completed over $2 billion in transactions. The company’s projects are located across the United States.
DODIER & COMPANY
(800) 970-7392 or (520) 299-1000