Pine Tree buys SITE Centers sponsor stake in $644M retail portfolio

Pine Tree has acquired the sponsor interest in a 10-property shopping center portfolio totaling 3.5 million square feet and recently appraised at $644 million, according to Connect CRE. The interest came from SITE Centers, which owned it with a large international investor that the report does not name. Terms were not disclosed, and the $644 million is a recent appraisal of the real estate, not a disclosed price for the interest Pine Tree bought.

The portfolio spans nine states in top-50 U.S. markets and is primarily grocery-anchored. Its tenants include Target, Sam's Club, Publix, ALDI, Sprouts Farmers Market, Food Lion, The Fresh Market, Lowe's, DICK'S Sporting Goods, Best Buy, Marshalls, HomeGoods and Ross Dress for Less.

Peter Borzak, Pine Tree's CEO and co-founder, said the deal is the second off-market portfolio transaction between the two firms, with combined asset value above $1.1 billion. He called it the largest in Pine Tree's 31-year history. The transaction lifts Pine Tree's assets under management above $4 billion, the company said.

In a smaller recent grocery-anchored deal, Phillips Edison paid $69.1 million this month for a Publix-anchored center in Oviedo, Florida.