Pine Tree acquires stake in $644M shopping center portfolio

CHICAGO - Pine Tree has acquired a 10-property shopping center portfolio with an estimated value of $644 million, the company announced in a press release. The acquisition was made in partnership with international investors from SITE Centers (NYSE:SITC). The portfolio, which spans nine states in the top 50 U.S. markets, encompasses 3.5 million square feet of retail space and primarily consists of grocery-anchored retailers such as Target, Sam's Club, and Publix.

This acquisition marks the second off-market transaction between SITE Centers and Pine Tree, totaling over $1.1 billion in assets, and represents the largest single transaction in Pine Tree's 31-year history, according to Peter Borzak, CEO and Co-Founder of Pine Tree. Pine Tree is a Chicago-based retail real estate company that owns or operates over $4 billion in assets across 20 million square feet of open-air retail locations in the United States.