ALTON, IL – Not far from the historic launching point of the Lewis & Clark expedition, Pine Tree Commercial Realty is making headway on its own path in retail acquisitions, having made $100 million in shopping center purchases in the past 12 months. Recently, an affiliate of Pine Tree Commercial Realty, LLC of Lake Bluff, Ill., in a joint venture partnership with Buchanan Street Partners of Newport Beach, Calif., purchased the 68,071 square-footAlton Corners from local developer G.J. Grewe, Inc., for an undisclosed amount. The center, located on the southeast corner of Alton Square Mall Drive and Homer M. Adams Parkway in Alton, Ill., a north suburb of St. Louis, is 100% leased and includes Office Depot, PETCO, Deal$, Applebee’s, Quiznos, and Wells Fargo Bank.
According to Scott Goldman, Manager of Acquisitions for Pine Tree, the company is investing in Alton Corners for the long-term. “We believe in the center,” he says. “It has a strong mix, and is prominently positioned in a major trade zone on a vital thoroughfare.” The center is just southeast of the Alton Square Mall, and across from an existing Lowe’s andTarget, as well as a Home Depot that is under construction, he says. “It’s a high-quality, aesthetically pleasing center surrounded by a densely populated community with a stable demographic profile.”
Pine Tree will handle the leasing and management of the center. Future leasing inquiries can be directed to Pine Tree’s Executive Vice President Tim Roe at (847) 574-3322.
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.
Buchanan Street Partners invests equity capital with developers and owners, delivers capital advisory services backed by established capital markets relationships, and offers expert investment management services to a diverse investor base. Buchanan was represented by Senior Vice President John Pantone.