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Pine Tree JV Buys Rural Site for 150,000-SF Retail Center

MONTROSE, CO-An Illinois-based company is hooking up with an Aspen group to buy a 28-acre parcel with intentions to build a retail center. Once complete, the property located along Highway 550 will serve Southwest Colorado with 150,000 sf of new retail options.

By John Rebchook | Updated on December 08, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

MONTROSE, CO-Pine Tree Commercial Realty, a 10-year-old firm based in Lake Bluff, IL, formed a joint venture with Aspen-based Meritage Development Group to buy a 28-acre site here, between Grand Junction and Durango. The purchase price wasn’t disclosed.

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.

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