Pine Tree Commercial Realty acquires South Pasadena Shopping Center

Tampa, Fla. --Northbrook, Illinois-based Pine Tree Commercial Realty, LLC announced that it has acquired South Pasadena Shopping Center, a grocery-anchored community shopping center located in South Pasadena (Tampa), Florida, for $21.1 million.



The recent acquisition is Pine Tree’s 73rd and brings the company’s current portfolio to 3.5 million sq. ft. in 15 states.



Anchored by Walmart Neighborhood Market, Bealls Outlet and CVS Pharmacy, the 166,000-sq.-ft. shopping center is situated on the waterfront at the southeast corner of Gulfport Blvd South and Pasadena Ave South. The center is surrounded by mid-rise residential, single family residential, and marinas leading to the Gulf of Mexico. Acquisition financing was provided by One West Bank.



“We are currently focusing on markets in the Southeastern United States,” says Todd Zinsmaster, executive VP of acquisitions & development at Pine Tree Commercial Realty. “This grocery-anchored shopping center fits our acquisition criteria for its desirable location as well as its position as the only multi-tenant shopping center within the immediate trade area.”