Pine Tree in JV acquires 59-Acre Parcel in Avon, IN

By February 16, 2006 Acquisitions, News

AVON, IN – GPT Avon, LLC, a joint venture between Pine Tree Commercial Realty of Lake Bluff, Ill., and GEM Investors of Chicago, recently acquired a 59-acre parcel of land in Avon, a western suburb of Indianapolis, announced Pine Tree Senior Vice President Richard Evans. The parcel, which is zoned for mixed-use development, is located near 975 East U.S. 36 on the north side of Rockville Road. Broker for the buyer was Joe Tarpey of Indianapolis-based RESOURCE Commercial Real Estate. Representing the seller was Ryan Zickler of Zickler Associates, LLC, in Indianapolis.

Evans points out that the property is ideally situated along a main retail corridor serving the suburban area five miles west of Indianapolis, and is immediately adjacent to an existing Walmart Supercenter.

“The town of Avon was only incorporated in 1997,” says Evans, “and has been rapidly growing since then. So, this is an exciting investment for future development.” As to specifics, Evans says that beyond the zoning plans that were pre-ordained, no details have yet been stipulated. “We’re working closely with local planning officials to ensure that whatever details we plan will be in best interests of the community,” he says. “Everyone here is very positive about the process. We’re excited to be involved in this dynamic, growing community.”

Pine Tree Commercial Realty, LLC is a full-service real estate development company headquartered in Lake Bluff, Ill., with branch offices in Indianapolis, Minneapolis, and Kansas City. The company, founded in 1995 by principals Barry Herring and Peter Borzak, is actively involved in the development, acquisition, leasing, and management of retail properties in the Midwestern United States. Pine Tree and its affiliates also provide third party leasing, management, and construction services.

GEM Investors, Inc. — Founded in 1994, GEM Investors, Inc. is a Chicago-based real estate investment company that invests in private market real estate assets and publicly traded real estate securities. GEM has acquired over $800 million of private real estate assets, including properties and loans. In addition, GEM has over $500 million of assets under management in long-short hedge funds that invest in publicly traded real estate securities, including REITs and real estate operating companies.

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