Pine Tree Retained by State Pension Fund to Acquire Shopping Centers for Investment Portfolio

By May 15, 2006 Joint Ventures, News

LAKE BLUFF, IL – Barry Herring and Peter Borzak, founding partners of Pine Tree Commercial Realty, LLC of Lake Bluff, Ill., announced the firm’s exclusive assignment to represent a state pension fund being advised by Henderson Global Investors of London to acquire retail properties in the Midwest and Western United States. According to Herring and Borzak, Pine Tree has been enlisted to locate and acquire qualified shopping centers on an all-cash basis. Silver Portal Capital of San Diego acted as advisor to Pine Tree.

Pine Tree recently made its first acquisition for the fund with the purchase of Gateway Centre (110,440 s.f.) in San Ramon, Calif., located on San Francisco’s East Bay. The seller was BlackRock Realty Advisors of Florham Park, N.J.
Pine Tree Vice President of Acquisitions Scott Goldman said that Gateway Centre, at 98% occupancy and anchored by Albertsons and Walgreens, is a perfect example of filling the fund’s criteria. “We’re looking for core and value-add properties in both urban and suburban markets,” he said. “Our focus is on anchored institutional-quality centers where our ability to close quickly on an all cash basis will give us a competitive advantage.” Goldman said that the plus with Gateway Centre is its location on San Ramon Valley Boulevard and proximity to Interstate 680 in the midst of an affluent, dense market. “We were able to make the purchase on an all-cash basis closing less than 40 days from letter of intent,” he said.

Since its founding in 1995, Pine Tree has developed and acquired more than 50 properties valued at over $350 million. According to Barry Herring, “Our background as a shopping center developer allows us to add value to the acquisition process because of the insights we can bring to due diligence. We also have tremendous in-house capabilities to handle any aspect of property ownership over a typical 7- to 10-year holding period.”

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 is actively involved in the development, acquisition, leasing, and management of retail properties throughout the United States. Pine Tree and its affiliates also provide third party leasing, management, and construction services.

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