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Chicago-Based Pine Tree Acquires Cincinnati Retail Center for $80M
Pine Tree, a Chicago-based commercial real estate firm, has purchased the 460,893-square-foot Kenwood Square shopping center in Cincinnati, Ohio, for $80 million.
Positioned in the Kenwood retail corridor near Kenwood Towne Center, one of the top-performing malls in the state, Kenwood Square features prominent retailers Dick’s Sporting Goods, T.J. Maxx, Michaels, HomeGoods, Marshalls, Five Below, and Ulta Beauty.
The acquisition was part of a transaction with Pine Tree, in partnership with a state pension fund, buying six open-air shopping centers for $495 million. The 95% leased, 2.5 million-square-foot portfolio consists of retail assets in Florida, Ohio, Phoenix and Oregon. The transaction was sourced off-market and brings Pine Tree’s assets under management to nearly $2.5 billion.
The other retail property in Ohio was Easton Market, a 501,000-square-foot shopping center located in Columbus. The shopping center features Target, Lowe’s, Marshalls, HomeGoods, Ulta Beauty, Nordstrom Rack, Michaels, Petsmart, Burlington, Five Below, and T.J. Maxx.
