Shopping center developer purchases properties near Easton and Polaris

COLUMBUS, Ohio (WCMH) – A Chicago-based company that touts itself as an industry leader in developing open-air shopping centers purchased two properties in the Polaris and Easton areas for more than $143 million.

Pine Tree, a company with a $2.5 billion portfolio of shopping centers across the country, acquired Polaris and Easton properties in June. 

The company purchased the 501,000-square-foot shopping complex “Easton Market” for $76.8 million. The development, located west of Easton Town Center, currently houses TJ Maxx, Homegoods, PetSmart, Ulta Beauty and Five Below. The last recorded sale for the property was for $8.6 million in 1997, according to the Franklin County Auditor’s Office. 

Pine Tree also acquired Polaris Towne Center for $67 million, a 459,000-square-foot shopping center south of Polaris mall, featuring Kroger, Best Buy, TJ Maxx, World Market and Five Below. The center last sold for $79.5 million in 2011, according to the Delaware County Auditor’s Office. 

“We are incredibly excited to add these large format, best-in-class assets with strong tenant performance to Pine Tree’s growing national essential retail portfolio at a time of increasing retail sector investor sentiment,” Conor Bossy, chief investment officer at Pine Tree, said. 

The Easton and Polaris sales were part of a $495 million deal in partnership with a state pension fund for six properties. The company bought shopping centers in Plantation, Florida; Phoenix; Cincinnati; and Hillsboro, Oregon, in addition to its Columbus purchases.

Pine Tree manages 11 million square feet of properties, according to its website. The recent Polaris, Easton and Cincinnati acquisitions stand as the company’s only current ventures in Ohio.