NORTHBROOK, Ill. (May 12, 2022) – Northbrook-based Pine Tree, announced the addition of a large shopping center management assignment by Slate Grocery REIT (TSX: SGR.UN / SGR.U), an owner and operator of U.S. grocery-anchored real estate. The 1.2 million-square-foot portfolio includes ten shopping centers: Phalen Retail Center (Saint Paul, MN), East Brainerd Mall (Brainerd, MN), Plymouth Station (Plymouth, MN), North Branch Marketplace (North Branch, MN), Mapleridge Center (Maplewood, MN), Southgate Crossing (Minot, ND), Watford Plaza (Watford City, ND), North Lake Commons (Lake Zurich, IL), Glidden Crossing (Dekalb, IL), and Alta Mesa Plaza (Fort Worth, TX). Pine Tree will oversee property operations for all shopping centers on behalf of Slate Grocery REIT.
“We are thrilled to expand our relationship with Slate Grocery REIT and we look forward to leveraging our best-in-class retail expertise to maximize the value of this shopping center portfolio while serving those communities,” said Michael Gold, Chief Operating Officer at Pine Tree. “This assignment comes on the heels of several large acquisitions and other assignments and is a testament to Pine Tree’s position and strength in the retail real estate industry.”
Anchored by market-leading grocer Cash Wise Foods, the 102,000-square-foot Watford Plaza was developed in 2013 in Watford City, ND, a rapidly expanding municipality located in the heart of the Bakken Oil Basin.
East Brainerd Mall
Anchored by Cub Foods, the region’s dominant grocer, the 191,000-square-foot East Brainerd Mall is located in one of the largest population centers in the central part of the state and is situated 125 miles north of Minneapolis.
Alta Mesa Plaza
This well-established Kroger-anchored 168,000-square-foot center features EOS Fitness and is located just south of Downtown Fort Worth within a strong retail trade area.
North Lake Commons
Jewel Osco-anchored 121,000-square-foot neighborhood center located at the intersection of Illinois Route 22 and U.S. Route 12 in Lake Zurich, Illinois.
Schnuck’s-anchored 100,000-square-foot shopping center located on the heavily traveled Interstate 88 in DeKalb, IL.
Hyvee-anchored 115,000-square-foot shopping center located within the main retail corridor between Saint Paul and White Bear Lake.
160,000-square-foot Cash Wise Foods-anchored shopping center in Minot, ND, with junior anchor Petco.
North Branch Marketplace
Situated at the intersection of US-35 and MN-95 in the Minneapolis-Saint Paul MSA, this 73,000-square-foot is anchored by County Market, a prominent, well-known banner of Jerry’s Enterprises.
Plymouth Station is a 114,000-square-foot shopping center anchored by Hy-Vee located at the intersection of Highway 55 and County Road 24 in Plymouth, MN.
Phalen Retail Center
Recently developed 74,000-square-foot neighborhood center anchored by market-leading Cub Foods located in Saint Paul, MN.
About Slate Grocery REIT (TSX: SGR.U / SGR.UN)
Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate. The REIT owns and operates approximately U.S. $1.9 billion of critical real estate infrastructure across major U.S. metro markets that communities rely upon for their daily needs. The REIT’s resilient grocery-anchored portfolio and strong credit tenants provide unitholders with durable cash flows and the potential for capital appreciation over the longer term. Visit slategroceryreit.com to learn more about the REIT.
Slate Press Contact:
About Pine Tree:
Pine Tree is a Northbrook, Illinois-based full-service real estate company specializing in retail. Founded in 1995, Pine Tree’s current portfolio tops $3.5 billion in assets under management. The company’s projects are located across the United States.
Pine Tree Press Contact:
Dodier & Company
(800) 970-7392 or (520) 299-1000