US retail real estate manager Pine Tree has acquired SITE Centers’ general partner stake in a $644m (€573.7m) open-air shopping centre portfolio.
Pine Tree partnered with an undisclosed international institutional investor to acquire the sponsor interest in the 3.5m sqft, 10-property, primarily grocery-anchored portfolio.
The assets, spanning nine states, comprise Ahwatukee Foothills Towne Center in Phoenix, Arizona; Ashley Crossing in Charleston, South Carolina; Brookside Marketplace in Chicago, Illinois; Commonwealth Center in Richmond, Virginia; Connecticut Commons in Hartford, Connecticut; Independence Commons in Kansas City, Missouri; Poyner Place in Raleigh, North Carolina; Route 22 Retail Center in New York, New York; Towne Center Prado in Atlanta, Georgia; and University Centre in Wilmington, North Carolina.
Peter Borzak, CEO and co-founder of Pine Tree, said this is the second off-market portfolio transaction between SITE Centers and Pine Tree, with a total asset value of over $1.1bn, and the single-largest transaction in its 31-year history.
Borzak added: “We are grateful for our counterparts at SITE Centers for facilitating a mutually beneficial transaction and look forward to the future relationship with our institutional partner who shares our investment thesis.”
Conor Bossy, CIO at Pine Tree, said: “The portfolio presents compelling opportunities to capture embedded upside through mark-to-market rent growth over the anticipated holding period.
“The assets perfectly align with Pine Tree’s strategy to acquire best-in-class large-format shopping centres with a grocery component in top 50 Metropolitan Statistical Areas.”
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