FLORENCE, KY – Pine Tree Commercial Realty, LLC of Lake Bluff, Ill., in conjunction with GEM Realty Capital, Inc. of Chicago, recently purchased a 118,000 square-foot Wal-Mart building on a 10-acre parcel in Florence, Ky., with plans to convert it into a multi-mid-box retail shopping center called Turfway Commons. According toRichard Evans, Senior Vice President for Pine Tree, the construction is estimated to begin in mid-2006, with a projected opening in spring 2007. Turfway Commons is expected to serve residents of both Florence and south suburban Cincinnati, Ohio.
The building, still occupied by Wal-Mart, will be remodeled after the retailer vacates the space. Evans says it will then be converted into the approximately 100,000 square-foot Turfway Commons with three to four anchor tenants ranging in size from 25,000 to 40,000 square feet, as well as some small shop space.
“This area is the heart of the newer Florence retail and is already attracting national retailers,” Evans says of the site’s location on the northwest corner of Spiral Drive and Houston Road. The nearby intersection of Houston and Thoroughbred Boulevards has landed Sam’s, Home Depot, Kohl’s, Meijer, Linens ‘N Things, Best Buy, Dick’s Sporting Goods, Bigg’s, Lowes, and Target, among others. In addition, says Evans, “Florence is across the river from Cincinnati’s south side, and our site is one of the last areas in that market zoned and available for retail.” Leasing inquiries can be directed to Pine Tree’s Executive Vice President Tim Roe at (847) 574-3322.
Neal Gumbin, Managing Director of Acquisitions for GEM Realty Capital, which partnered with Pine Tree in the purchase, says, “We are very excited about the opportunity to re-tenant this property with national retailers to serve the strong consumer demographics of this growing area.”
Founded in 1994, GEM Realty Capital, Inc. is a Chicago-based real estate investment company that invests in private market real estate assets and publicly traded real estate securities. GEM has acquired over $800 million of private real estate assets, including properties and loans. In addition, GEM has approximately $500 million of assets under management in long-short hedge funds that invest in publicly traded real estate securities, including REITs and real estate operating companies.
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.