An affiliate of Northbrook, Ill.-based Pine Tree Commercial Realty LLC recently acquired a Rainbow Foods grocery store in Bloomington, Minn., an affluent suburb of Minneapolis. The purchase expands the real estate development firm’s portfolio of shopping centers to include freestanding grocery stores.
The 64,130-square-foot building, fully leased to Rainbow Foods, is situated at the intersection of Interstate 494 and Penn Avenue, with access from American Boulevard West, a major east-west thoroughfare. Nearby retailers include an adjacent Target department store and Walgreens pharmacy, both separately owned.
“The Bloomington property is a great addition to our expanding portfolio of shopping centers,” says Pine Tree Senior Vice President of Acquisitions Todd Zinsmaster. “We plan to continue seeking high-quality grocers like this Rainbow Foods.”
Rainbow Foods is a division of Roundy’s Supermakets Inc. (NYSE: RNDY), a Milwaukee-based grocer with nearly $4.0 billion in annual sales.
Pine Tree acquired the property from a Chicago-based seller for an undisclosed amount, with financing arranged through Bill Barry of Chicago-based Draper & Kramer and provided by New York-based Cantor Fitzgerald. Pine Tree Commercial Realty will manage the center.
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 64 properties valued over $675 million. The company’s projects are located across the United States.
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WEB LINKS:
Pine Tree Commercial Realty LLC: www.pinetreecommercial.com
Globe Street Article: Pine Tree Buys Grocery Store in Minneapolis Suburb
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Jonelle Kearney
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