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Pine Tree acquires Bloomington Grocer


Northbrook, Ill. -- Pine Tree Commercial Realty said its affiliate has acquired a Rainbow Foods grocery store in Bloomington, Minn.

The purchase expands the real estate development firm’s portfolio of shopping centers to include freestanding grocery stores.

The 64,130-sq.-ft. building is fully leased to Rainbow Foods, and features nearby retailers Target and Walgreens.

Rainbow Foods is a division of Roundy’s Supermarkets Inc.

Pine Tree acquired the property from a Chicago-based seller for an undisclosed amount, and will manage the center.

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