NORTHBROOK, Ill. (December 15, 2015) – Pine Tree Commercial Realty, LLC announced today it has completed $670 million in retail real estate transactions over 24 months. Concluding what has been a record two years for the company, Pine Tree’s recent transactions include 24 shopping centers totaling three million square feet of leasable area and resulting in $524 million in new acquisitions. The company also had nearly $150 million in dispositions during the same period.
Included among the company’s recent acquisitions is Pine Tree’s largest to-date – a portfolio of grocery-anchored shopping centers in the Dallas-Fort Worth area. The portfolio, totaling 769,000 square feet, is comprised of 11 properties, predominately anchored by Tom Thumb, DFW’s top performing grocery chain.
Some of Pine Tree’s other recent acquisitions include: Cub Foods-anchored Village of Blaine, a 221,000-square-foot shopping center in Blaine, Minn.; Barclay Square, a 99,000-square-foot Walmart Neighborhood Market-anchored shopping center in Tampa, Fla.; the 367,000-square-foot Sams Club-anchored Arvada Marketplace-Connection in Arvada, Colo.; Pine Creek, a 217,000-square-foot Raley’s-anchored shopping center in Grass Valley, Calif. (Sacramento MSA); and the recapitalization of the 264,000-square-foot Target-anchored (shadow) Hazel Dell Towne Center in suburban Portland, Ore; among others.
“The addition of the Tom Thumb portfolio firmly positions us in the Dallas-Fort Worth market,” said Graham Grochocinski, Senior Vice President of Marketing. “Arriving at the tail-end of what has already been a banner year for Pine Tree, this portfolio and the other successes we’ve seen over the past 24 months were achieved thanks to an incredible team which, in response to this growth, we are continuing to expand to include some of the best and brightest talent in the industry.”
Pine Tree recently hired seven employees across its Accounting, Property Management, Asset Management, and Administration functions.
Michael Tverdek was hired as Accounting Manager. Tverdek, 29, of Lemont, Ill., will oversee accounting and financial reporting for a portion of Pine Tree’s national portfolio of shopping centers. Prior to Pine Tree, Tverdek was Senior Property Accountant for JLL where he managed financial reporting and accounting for a portfolio of office properties. He earned his BBA from Robert Morris University, his MBA from Keller Graduate School of Management, and has been a CPA since 2014.
Sparkle Turner was hired as Property Manager. Turner, 35, of Plano, TX, will oversee property management functions for Pine Tree’s recently acquired 11-property portfolio in the Dallas-Fort Worth area. Prior to Pine Tree, Turner was Assistant Property Manager at Crestview Tower in Irving, TX for Capridge Partners and Transwestern Commercial. Before that, Turner managed properties for Colliers International. She earned her BBA in Marketing from the University of North Texas.
Tonya Stewart was hired as Property Accountant. Stewart, 41, of Evanston, Ill., will manage accounting aspects for a portion of Pine Tree’s national retail portfolio. Before joining Pine Tree, Stewart was a portfolio accountant for Waterton, a private equity real estate firm. She earned her BA from Otterbein College and her MBA from Marylhurst University.
Daniel Connor was hired as Property Manager. Connor, 26, of Chicago, will oversee a portion of Pine Tree’s portfolio of shopping centers. Connor comes to Pine Tree having managed 25 apartment buildings as a property manager for Janko Properties. He earned his BS from Indiana University.
Stephanie Blake was hired as Property Manager. Blake, 29, of Libertyville, Ill., will oversee a portion of Pine Tree’s portfolio of shopping centers. Blake comes to Pine Tree with multiple years of experience managing multi-family and retail assets. She earned her BA in Philosophy from Northern Illinois University in Dekalb, Ill.
Tyler Buck was hired as Analyst, Asset Management and Due Diligence. Buck, 24, of Deerfield, Ill., will assist in the analysis and reporting preparation for the asset management and due diligence processes. Prior to Pine Tree, Buck was most recently Leasing Agent for Roland Realty in Champaign, Ill. where he closed over 90 multi-family and residential leases. He earned his BA from the University of Illinois at Urbana-Champaign.
Kerri Wallace was hired as Office Administrator. Wallace, of Deerfield, Ill., will assist in the day-to-day operations of Pine Tree’s home office. Before joining Pine Tree, Wallace was most recently a sales associate for Athleta where she focused on building customer loyalty for which she earned two consecutive awards. Prior to Athleta, Kerri was an early-childhood reading tutor for Reading Power, Savings & Loan Examiner for the FDIC, USTA Travel Team Captain, a nursery school Board Chair, and a piano instructor. She earned her BBA in Marketing from the University of Iowa.
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 89 properties with an aggregate value of over $1 billion. The company’s projects are located across the United States.
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