Pine Tree Acquires Sponsor Interest in a 10-Property, $644M Shopping Center Portfolio

The acquisition brings Pine Tree’s assets under management to more than $4 billion.

Rhea-AI Summary

Pine Tree acquired SITE Centers’ (NYSE: SITC) sponsor interest in a shopping-center portfolio recently appraised at $644 million. The acquisition was completed in partnership with a large international investor. The portfolio comprises 10 properties totaling 3.5 million square feet across nine states, with locations in top 50 U.S. markets. It is primarily grocery-anchored, with tenants including Target, Publix, ALDI and Lowe’s.

The transaction brings Pine Tree’s acquisition activity over the past 12 months to more than $1 billion and assets under management to more than $4 billion. This is the second off-market portfolio transaction between Pine Tree and SITE Centers, with combined asset value exceeding $1.1 billion. Pine Tree sees opportunities for rent growth over the anticipated holding period as rents move toward market levels.

4 points · 1 major

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Positive

• Major pointAcquired sponsor interest in a 10-property portfolio from SITE Centers with a large international investor.
• Minor pointAcquisition activity reached more than $1 billion over the past 12 months following the transaction.
• Minor pointAssets under management grew to more than $4 billion following the acquisition.
• Minor point. Forward-looking: it has not happened yet and may not happen.Pine Tree sees rent-growth opportunities as portfolio rents move toward market levels over the anticipated holding period.

Negative

• None.

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+3.23% vs previous close $3.67 last price 3.7x rel. volume Open Argus

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Market Reaction – SITC

$3.43 – $3.70 Day Range

$192.85M Mkt Cap at Last Price

On Oct 20, the day this news came out, the latest delayed price for SITC is 3.23% above the previous close. The latest delayed price is $3.67. Relative volume is very high at 3.7x the average.

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CHICAGO, Oct. 20, 2026 /PRNewswire/ -- Pine Tree, a national owner and operator of open-air shopping centers, announced that it has acquired sponsor interest in a 10-property portfolio recently appraised at $644 million and totaling 3.5 million square feet. The interest was acquired from SITE Centers (NYSE: SITC) in partnership with a large international investor. The transaction brings Pine Tree's total acquisition activity over the past 12 months to more than $1 billion and grows the company's assets under management to more than $4 billion.

Spanning nine states and located in top 50 U.S. markets, the primarily grocery-anchored portfolio is comprised of a mix of national and regional retailers, including: 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, among others.

"This is the second off-market portfolio transaction between SITE Centers and Pine Tree, with a total asset value of over $1.1 billion, and the single-largest transaction in our 31-year history," said Peter Borzak, CEO and Co-Founder of Pine Tree. "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."

 "The portfolio presents compelling opportunities to capture embedded upside through mark-to-market rent growth over the anticipated holding period," said Conor Bossy, Chief Investment Officer at Pine Tree. "The assets perfectly align with Pine Tree's strategy to acquire best-in-class large-format shopping centers with a grocery component in top 50 MSAs."

The portfolio includes the following properties, with select anchors and major retailers:

• Ahwatukee Foothills Towne Center (Phoenix, AZ). Sprouts Farmers Market, Best Buy, Burlington, Marshalls, HomeGoods, Ross Dress for Less.
• Ashley Crossing (Charleston, SC). Food Lion, Marshalls.
• Brookside Marketplace (Chicago, IL). Target, DICK'S Sporting Goods, Best Buy, HomeGoods, TJ Maxx.
• Commonwealth Center (Richmond, VA). Target, The Fresh Market, Old Navy, Ulta Beauty.
• Connecticut Commons (Hartford, CT). ALDI, Lowe's, DICK'S Sporting Goods, Marshalls.
• Independence Commons (Kansas City, MO). Best Buy, Marshalls, Ross Dress for Less, Bob's Discount Furniture.
• Poyner Place (Raleigh, NC). Target, Ross Dress for Less, Marshalls, Old Navy, World Market.
• Route 22 Retail Center (New York, NY - SF). Target, DICK'S Sporting Good.
• Towne Center Prado (Atlanta, GA). Publix, Ross Dress for Less, Barnes & Noble, Petco.
• University Centre (Wilmington, NC). Sam's Club, Lowe's, Ross Dress for Less, Old Navy, Bob's Discount Furniture.

About Pine Tree:
Pine Tree is a Chicago-based vertically integrated retail real estate company. Founded in 1995, the company currently owns or operates over $4 billion and 20 million square feet of open-air retail across the United States.

View original content:https://www.prnewswire.com/news-releases/pine-tree-acquires-sponsor-interest-in-a-10-property-644m-shopping-center-portfolio-302914100.html

SOURCE Pine Tree

FAQ

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What did Pine Tree acquire from SITE Centers (SITC)?

Pine Tree acquired sponsor interest in a 10-property shopping-center portfolio from SITE Centers in partnership with a large international investor. The portfolio was recently appraised at $644 million and totals 3.5 million square feet across nine states.