Pine Tree Acquires 312,000 SF Shopping Center in Chicago MSA

NORTHBROOK, Ill. (August 27, 2014) – Northbrook-based Pine Tree Commercial Realty, LLC today announced that it has acquired Poplar-Prairie Stone Crossing, a Class-A power shopping center located in the Northwest Chicago suburb of Hoffman Estates, Ill. The recent acquisition is Pine Tree’s 70th and brings the company’s current portfolio to 3.4 million square feet in 19 separate properties.

The 312,000 SF shopping center situated with extraordinary visibility and access from the Interstate 90 and State Road 59 interchange is shadow-anchored by Target and features best-in-class retailers including TJ Maxx, Michaels, Ross Dress for Less, PetSmart, Lane Bryant, and Sports Authority. Acquisition financing was provided by JP Morgan and arranged by Bill Barry of Draper & Kramer. Jones Lang LaSalle’s Carson Good brokered the sale.

“Situated in Pine Tree’s home market and featuring an affluent market and unmatched regional access, Poplar-Prairie Stone Crossing is an excellent acquisition for our portfolio,” said Todd Zinsmaster, Executive Vice President of Acquisitions & Development at Pine Tree Commercial Realty. “Through increased visibility and vitality, our focus now remains on adding value to the property and the community.”

Strategically located in the heard of the “59-90 Entertainment Crossroads,” Poplar-Prairie Stone Crossing is surrounded by regional draws including the 11,800-seat Sears Centre Arena, a Cabela’s sporting goods store, Marriot hotel, and corporate headquarters for Mary Kay Cosmetics, Sears Holdings, and Serta.

Pine Tree has also sold Onalaska Marketplace in Onalaska, Wisconsin. Brokered by Mid-America Real Estate Corporation, the 25,962 SF community shopping center, fully leased since its development by Pine Tree in 2002, was purchased by a private investor. Located near Interstate 90 and State Road 16, Onalaska Marketplace is shadow-anchored by Wal-Mart Supercenter, Home Depot, Toys ‘R’ Us, and features national retailers including Dollar Tree, Great Clips, and Cold Stone Creamery.

 

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 70 properties with an aggregate value of over $720 million. The company’s projects are located across the United States.

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