With the recent purchase of a 1.24-acre outparcel in Mount Dora, Fla., Northbrook, Ill.-based Pine Tree Commercial Realty is expanding its holdings in this Central Florida city. The outparcel is adjacent to Loch Leven Plaza, a Publix-anchored shopping center that Pine Tree purchased in November 2010. According to Pine Tree Executive Vice President Tim Roe, “The shopping center is 98% leased, and we continue to receive interest from retailers. This new development is a great opportunity for Pine Tree and its partners to accommodate the ongoing demand for space at Loch Leven Plaza.”
Pine Tree is planning to build a 13,200 square-foot building with design characteristics similar to the existing shopping center. Individual tenant spaces will range in size from 1,200 to 2,500 square feet. “When the parcel became available, we were eager to increase our presence in Mount Dora,” says Pine Tree Senior Vice President of Acquisitions Todd Zinsmaster. “The strong tenant mix in the existing shopping center provides a great customer base for the new development,”
Pine Tree is planning to break ground later in 2012 with delivery scheduled for spring 2013. Pine Tree’s Property Management Division currently manages Loch Leven Plaza and intends to manage the new building upon completion.
Pine Tree Commercial Realty LLC is a full-service real estate development company based in Northbrook, Ill. Since its founding in 1995 by Principals Peter Borzak and Barry Herring, Pine Tree has acquired and developed 64 properties valued over $675 million. The company’s projects are located across the United States.
WEB LINKS for further research:
Pine Tree Commercial Realty: www.pinetreecommercial.com
PRESS CONTACTS representing Pine Tree Commercial Realty:
DODIER & COMPANY
(800) 970-7392 or (520) 299-1000