Pine Tree JV Acquires Times Square Mall

By June 6, 2012 April 3rd, 2014 Acquisitions, Front Page, News, Press Releases

The Times Square Mall has been sold to Pine Tree Commercial Realty LLC, The Sansone Group and Wanxiang America Real Estate Group.

Oakbrook Terrace, Ill.  (May 31, 2012) – Mid-America Real Estate Corporation’s Investment Sales Groupannounced the recent sale of two Midwest shopping centers on behalf of seller, Ohio-based DDR CorpBen Wineman of Mid-America Real Estate exclusively represented the seller, while both buyers represented themselves in the transactions.

Times Square Mall, located in Mount Vernon, Ill., was purchased by a joint venture between Pine Tree Commercial Realty LLCThe Sansone Group and Wanxiang America Real Estate Group.   Times Square Mall is a 269,328 square foot enclosed regional shopping center located on the southeast corner of  Broadway Street (State Route 15) and 42nd Street in Mount Vernon,  a regional retail hub about 80 miles east of St. Louis.Sears, JC PenneyDunham Sports and Peebles anchor the center, which is further complemented by national retailers GNC, Maurices, Claire’s, Bath & Body Works, Glik’s, Shoe Sensation, Subway and Wendy’s.

Quincy Place Mall, located in Ottumwa, Iowa, was purchased by New York-based GJ Realty.
The center is a 276,849 square foot enclosed regional mall located on the southeast corner of U.S. Route 34 and Quincy Avenue in Ottumwa in southeast Iowa, approximately 84 miles southeast of Des Moines. The center is anchored by Herberger’s department store, JC Penney and Dollar Tree.   In addition, the center is shadow-anchored by Target.

Mid-America Real Estate Group, a ChainLinks affiliate based in Oakbrook Terrace, Ill., is the Midwest’s leading full-service retail real estate organization with offices in Chicago, Milwaukee, Minneapolis and Detroit.  For more information, call (630) 954-7300 or visit www.midamericagrp.com.

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.

PRESS CONTACTS representing Mid-America Real Estate Corporation

Jonelle Kearney
jonelle@dodier.com

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Kasia Yuska
kyuska@dodier.com
DODIER & COMPANY
800.970.7392 or 520.299.1000