Northbrook, IL and New York, NY – Pine Tree Silverpeak Retail Partners LLC, a joint venture between Northbrook, Ill.-based Pine Tree Commercial Realty and New York-based Silverpeak Real Estate Partners, recently teamed up with New York-based Privet Investments LLC in the acquisition of Hamilton Place Shopping Center in Auburn, Ala. According to Pine Tree Senior Vice President Todd Zinsmaster, the partners purchased the grocery-anchored shopping center from an Alabama-based developer, assuming existing financing.
Anchoring the 79,540 square-foot center is Publix, a Florida-based employee-owned supermarket chain that is the dominant grocer in Florida and is aggressively expanding throughout the state of Alabama. In addition to Publix, the center includes 25,200 square feet of small shop space. Auburn is a college town about 100 miles southeast of Atlanta, GA, and the largest city in eastern Alabama.
“We’re excited about this transaction,” says Privet Managing Director Rush Sturges. “This is an excellent property in a great location and with a strong anchor. These are the characteristics we are looking for in retail investment properties.”
“We have always liked university towns,” says Pine Tree’s Todd Zinsmaster. “They provide great stability and tend to be less subject to extreme economic cycles.” As for future acquisitions, he says Pine Tree Silverpeak Retail Partners will continue to actively pursue shopping center opportunities across the country. “We’re interested in high quality shopping centers across the risk spectrum, regardless of where they’re located geographically. We buy a wide range of retail properties from value-add and development projects to stabilized core assets,” he says.
Pine Tree Commercial Realty will be handling the property management and will share leasing responsibilities with Ray Jones of The Shopping Center Group. The Shopping Center Group is based in Birmingham, Ala.
Pine Tree Commercial Realty LLC is a full-service real estate development company based in Northbrook, Ill. Since its founding in 1995 by Principal Peter Borzak and Co-Founder Barry Herring, Pine Tree has acquired and developed more than 60 properties valued at over $600 million. The company’s projects are located across the United States, including Alabama, California, Colorado, Idaho, Florida, Texas, Washington and many Midwestern states.
Silverpeak Real Estate Partners is a newly formed investment advisory business with over $10 billion of real estate assets under management, formed as a successor to Lehman Brothers Real Estate Partners (LBREP).
Privet Investments LLC is the real estate investment entity for Privet Capital LLC, a multi-strategy family office with over $1.0B in assets under management. Since 2004, Privet Investments has acquired over $400 million of real estate either wholly owned or in joint venture.
Pine Tree Commercial Real Estate www.pinetreecommercial.com
PRESS CONTACTS representing Pine Tree Silverpeak Retail Partners
& Pine Tree Commercial Realty:
DODIER & COMPANY
(800) 970-7392 or (520) 299-1000
PRESS CONTACT representing Privet Investments LLC:
PRIVET INVESTMENTS LLC