The partnership has no immediate plans for development, although the land is expected to be used for a shopping center, says Richard Evans, senior vice president for Pine Tree. "This property is located in a growing community that is increasingly adopting the resort and recreational lifestyles of the Rockies," says Evans. The center will likely consist of about 150,000 sf and will include multiple buildings, a Pine Tree spokeswoman tells GlobeSt.com.

The property is on Highway 550, the main retail thoroughfare in Montrose, and is near a new Super Wal-Mart and a recently completed Home Depot. In addition, Evans says that the corridor also serves five other counties in Southwest Colorado. "We'll be well-positioned to serve the growth that's expected in the region," Evans notes.

Pine Tree is a full-service real estate development company founded in 1995 by Barry Heering and Peter Borzak. Pine Tree was represented in-house by Scott Goldman, vice president of acquisitions. Meritage was represented by Scott Russell, principal of the company. Bruce Block of JMB Real Estate in Chicago was the broker on the transaction.