MONTROSE, CO – Pine Tree Commercial Realty, LLC of Lake Bluff, Ill., announced a westward expansion of its acquisitions by entering into a joint venture with Aspen, CO-based Meritage Development Group for the recent purchase of a 28-acre site in Montrose, Colorado, midway between Grand Junction and Durango. Pine Tree Commercial was represented by Scott Goldman, Vice President of Acquisitions, and Meritage was represented byScott Russell, Principal. Bruce Block of JMB Real Estate in Chicago was the broker on the transaction.
According to Richard Evans, Senior Vice President for Pine Tree, the partnership has no immediate plans for development, although the property is slated for eventual use as a shopping center. “This property is located in a growing community that is increasingly adopting the resort and recreational lifestyles of the Rockies,” says Evans. The property is ideally situated on Highway 550, the main retail thoroughfare in Montrose, near a new Super Wal-Mart and a recently completed Home Depot. In addition, Evans says that the corridor not only serves Montrose, but five other counties in southwest Colorado. “We’ll be well positioned to serve the growth that’s expected in the region.”
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 and Western United States. Pine Tree and its affiliates also provide third party leasing, management, and construction services.