Pine Tree Buys Controlling Interest in $644M, 10-Center Portfolio From SITE Centers

CHICAGO — Pine Tree, a national owner and operator of open-air shopping centers, announced Oct. 20 that it has acquired a controlling 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 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, the firm said.

Pine Tree Portfolio Spans Nine States and Top 50 U.S. Markets

The portfolio is located in nine states and in top 50 U.S. markets, according to Pine Tree. The properties are primarily grocery-anchored and include a mix of national and regional retailers, among them 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.

The $644 million figure represents the portfolio's appraised value, which works out to roughly $184 per square foot across the 3.5 million square feet. Because the transaction involves a controlling interest, the figure reflects portfolio value rather than necessarily Pine Tree's cash purchase price.

The 10 properties are:

• Ahwatukee Foothills Towne Center (Phoenix, Ariz.): Sprouts Farmers Market, Best Buy, Burlington, Marshalls, HomeGoods, Ross Dress for Less. The center sits at I-10 and E. Ray Road and totals 705,696 square feet.
• Ashley Crossing (Charleston, S.C.): Food Lion, Marshalls.
• Brookside Marketplace (Chicago, Ill.): 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, Conn.): 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, N.C.): Target, Ross Dress for Less, Marshalls, Old Navy, World Market.
• Route 22 Retail Center (New York market): Target, DICK'S Sporting Goods.
• Towne Center Prado (Atlanta, Ga.): Publix, Ross Dress for Less, Barnes & Noble, Petco.
• University Centre (Wilmington, N.C.): Sam's Club, Lowe's, Ross Dress for Less, Old Navy, Bob's Discount Furniture.

Second Off-Market Deal Between Pine Tree and SITE Centers

Pine Tree described the transaction as its second off-market portfolio deal with SITE Centers, bringing the total asset value of the two transactions to more than $1.1 billion. The firm said it is the single-largest transaction in its 31-year history.

"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."

Conor Bossy, chief investment officer at Pine Tree, said the portfolio offers room for rent growth. "The portfolio presents compelling opportunities to capture embedded upside through mark-to-market rent growth over the anticipated holding period," Bossy said. "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."

Open-Air Retail Market Backdrop

The acquisition comes as open-air retail fundamentals remain firm. National shopping center vacancy stood at 4.4% in the first quarter of 2026, below a historical average of 5.3%. U.S. shopping center investment volume exceeded $15 billion in the first quarter, the strongest quarterly level in three years.

Retail investment sales volume rose 14% in 2025 to $73 billion, while cap-rate expansion stabilized after reaching approximately 7.3% nationally. New shopping center construction remains limited, with about 50 million square feet under construction, near a historic low. Open-air retail pricing averaged about $142 per square foot, 14% above the five-year average. Major retail REIT portfolios are reporting occupancy above 95%; Kimco, for example, reported 96.4% portfolio occupancy.

Outlook

Pine Tree says its strategy centers on large-format shopping centers with a grocery component in the top 50 metropolitan statistical areas. With the addition of this portfolio, the firm's assets under management exceed $4 billion, and its acquisitions over the past 12 months top $1 billion. The firm said it is working alongside an institutional partner that shares its investment thesis.

Sources

• Pine Tree press release, Oct. 20, 2026: https://www.pinetree.com/pine-tree-acquires-controlling-interest-in-a-10-property-644m-shopping-center-portfolio/