Pine tree commercial realty, llc

PINE TREE Commercial Realty, LLC PINE TREE Commercial Realty, LLC PINE TREE Commercial Realty, LLC PINE TREE Commercial Realty, LLC PINE TREE
Commercial Realty, LLC PINE TREE Commercial Realty, LLC PINE TREE Commercial Realty, LLC PINE TREE Commercial Realty, LLC PINE TREE Commercial Realty,
LLC PINE TREE Commercial Realty, LLC PINE TREE Commercial Realty, LLC PINE TREE Commercial Realty, LLC PINE TREE Commercial Realty, LLC PINE TREE

P I N E T R E E

Commercial Realty, LLC

D e v e l opm e nt • Ac qu i s it i on s • L e a s i n g • Ma n a g e m e nt
4 0 S k o k i e B ou l e v a rd , Su it e 6 1 0 • Nor t hbro o k , I L 6 0 0 6 2 • 8 4 7 - 7 3 5 - 0 6 0 0 • w w w. pi n e t re e c om m e rc i a l . c om

Pine Tree Commercial Realty, LLC is a leader in the development, acquisition,
leasing and management of retail properties throughout the United States. With
retail partners ranging from superstores to specialty shops and local chains, Pine
Tree representatives are experts in bringing to life both new and existing properties.

Pine Tree — headquartered in Northbrook, IL, a northern Chicago suburb — was
founded in March 1995 by Peter Borzak and Barry Herring. Pine Tree has since
developed and acquired 59 shopping centers totaling more than 5 million square
feet, with an aggregate value of over $550 million.

TA B L E O F C O N T E N T S
S T N E T N O C F O E L B AT

01 Pine Tree 4-5

02 Company Overview 6-9

03 Relationship Management 10-15

04 Property Portfolio 15-21

05 Recent Projects 22-25

06 Case Studies 26-51

07 Meet The Team 52-67

5

01 // Pine Tree does not operate as a hierarchy, but rather
as a collaborative team.

PINE TREE
EERT ENIP

6

Pine Tree Senior Management Team

Pine Tree
Cohesive senior management team has worked together for an average of 11 years.

Peter Borzak
Co-Founder & Principal Tim Roe
16 Years Executive Vice President &
Senior Director of Leasing
16 Years

Bruce Boruszak
Executive Vice President &
General Counsel
16 Years Lee Pearson
Executive Vice President,
Design & Construction
12 years

Todd Zinsmaster
Senior Vice President,
Acquisitions & Development
4 Years

Phil Spitz
Senior Vice President, Property
Mark Waligora Management & Accounting
Vice President & 6 Years
Asset Manager
5 Years

7

C O M PA N Y O V E RV I E W
W E I VR E V O Y N AP M O C

02
//It’s not just about experience but about how we use our experience.

8

Company Overview
• Pine Tree Commercial Realty is a national, privately held retail real estate owner, operator and
developer based near Chicago, IL. The company is vertically-integrated with leasing, property
management, acquisitions, development, construction management, legal, and accounting /
reporting functions.

• The Company has developed or acquired 59 properties totaling over 5.0 million sf since 1995.

O ver view
• Senior management has worked together for an average of 11 years, and has extensive retail
development, redevelopment and acquisitions experience.

• Pine Tree has a deep history of establishing partnerships with institutional investors to acquire
and/or develop and operate shopping centers.

Institution Vehicle(s) Strategy No. Properties.
Henderson/Utah Retirement Acquisitions 3
Inland Real Estate (NYSE:IRC) Development 4
Buchanan Street Partners Acquisitions 2
GEM Realty Capital Development/Redevelopment 3
Syndicated Equities Corporation Acquisitions 13
Realty Income (NYSE:O) Development 2
American Asset Management Development 3
Pacolet - Milliken Acquisitions 1
BIG USA Acquisitions 1
Subtotal - Institutional Vehicles 32

• The current owned portfolio consists of 21 shopping centers totaling 1.9 million sf in multiple
markets throughout the US 1 .
• Portfolio is owned in partnership with several institutional and private investors
• 91% portfolio occupancy as of September 30, 2010
• Limited exposure to local tenants – over 90% of tenants are national and regional

1 Excludes 3 shopping center development parcels owned by Pine Tree affiliates and 7 centers that
Pine Tree manages for third parties.

9

COMOC PA N
PM NA Y N
Y EWS
EN
SW
10

Pine Tree Joint Venture
• Pine Tree is proud to announce Pine Tree Silverpeak Retail Partners, LLC, a joint venture with Silverpeak
Real Estate Partners. This venture will be Pine Tree’s investment platform for future acquisition activities.

O ver view
Pine Tree Acquisition Criteria
• The Pine Tree Silverpeak venture is seeking retail assets and portfolios across the United States with values
greater than $10 million and across the risk spectrum, ranging from raw land to stabilized core assets.
Specifically we are seeking box and grocer anchored strip retail centers and select mixed use opportunities.

Silverpeak Overview
• Silverpeak Real Estate Partners (“Silverpeak”) is a newly formed investment advisory business with
approximately $15.0 billion of real estate assets under management, formed as the successor to Lehman
Brothers Real Estate Partners (“LBREP”). Between 2000 and 2007, LBREP closed three opportunistic
real estate private equity funds totaling over $7.2 billion in equity commitments that invested in office,
apartment, retail, hotel, and other property types located in the Americas, Europe and Asia. Silverpeak,
together with its international sub‐advisor, Broadcliff Capital Partners (“Broadcliff ”), will continue to
manage the three legacy LBREP funds (under the Silverpeak name) through an investment advisory
agreement with the funds and the Lehman Brothers Estate.

Silverpeak US Management Team
• The US senior management team is comprised of professionals who worked together at LBREP including:
Mark Walsh, Brett Bossung, Kevin Dinnie, Rodolpho Amboss, Quentin Reynolds & Chris Westfahl.

Silverpeak Presence
• Silverpeak, together with its international sub‐advisor, Broadcliff, employs approximately 85 people across
seven offices globally, including New York, Atlanta, London, Hong Kong, Singapore, Tokyo and Mumbai.
The team’s expertise spans transactions and originations, asset management, finance, capital raising and
investor relations.

11

//From investment partners to lenders to
tenants to those within our company, man-
aging relationships starts with communica-
tion and trust.

M A NAG I N G R E L AT I O N S H I P S
03
S P I H S N O I TA L E R G N I GAN A M

12

Institutional Investor Relationships 12-13
Tenant Relationships 13-14

begins in the Pine Tree Office
// Relationship management

13

$175 M acquisition joint venture formed to acquire retail properties west
of the Mississippi River. The venture sought primarily stabilized retail
Institutional Investor Relationships
properties that provide preservation of capital and a suitable current
return over a five-to-ten year holding period. The partnership currently
owns properties in San Ramon, CA (San Francisco/Bay Area market) and
Hazel Dell, WA (Portland market).

$400 M (total capitalization) development joint venture formed to
develop retail properties within a 400-mile radius of Oak Brook, IL. The
joint venture currently owns property in Boise, ID and Westfield, IN
(Indianapolis market). In addition to the joint venture relationship with
Inland Real Estate Corporation, Pine Tree has sold six shopping centers
to Inland-related entities.

Individual property joint ventures formed for the acquisition of each
property. Past projects include the acquisition of a vacant Super K-Mart
building in Evansville, IN that was redeveloped into a multi-tenant
shopping center, the acquisition of a former Wal-Mart in Florence, KY
(Cincinnati market) that was redeveloped into a multi-tenant shopping
center, and the acquisition of a property in Avon, IN (Indianapolis
market), that is currently being developed by another party.

Individual property joint ventures formed for the development of three
shopping centers. American Asset Management Services Corp. (“AAMS”)
invested equity in each of the three transactions and acquired the assets
upon completion. In addition, AAMS acquired a fourth shopping center
which was developed by a Pine Tree affiliate.

14

property. Projects include a 615,000 sq. ft. shopping center in Cleveland,
OH and a 211,000 sf portfolio of shopping centers in Indiana and
Kentucky. Additionally, Syndicated’s managing principal has made
personal investments in other Pine Tree projects.

property. The joint venture currently owns shopping centers in Alton, IL
(St. Louis market) and Westminster, CO (Denver market).

Relationships
Individual property joint ventures formed for the development of a
freestanding theater and a grocery-anchored shopping center.

property. This relationship currently owns a shopping center in Mount
Dora (Orlando market) FL.

Pine Tree acted in an advisory role performing property, financial and
market due diligence as well as providing property management services
for the acquisition of the 219,000 sf Vineyard Village Shopping Center
near Dallas, TX.

15

Tenant Relationships

Relationships
17

PROPERT Y PORT
TROP Y TREPORP

18

04
FOLIO
OILOF

//Property Portfolio:
Existing Shopping Center Portfolio 18-19

Portfolio Overview 20-21

19

Existing Shopping Center Portfolio
Pine Tree currently owns, manages and leases a national portfolio of shopping
centers.

• Pine Tree currently owns and operates 21 shopping centers totaling 1.8 Million sf

• The company also owns 3 shopping center development parcels and manages 7 centers for third parties.

• Portfolio consists of necessity- and value-oriented shopping centers in strong trade areas
More than 200,000 70.30%
19.2%
16.0% 100,000 to 200,000 25.60%
31.1% Overall occupancy
• 91% Less than 100,000 4.10%
theast • Dominated by national and regional retailers totalling 90% of occupied space.
33.7%

Asset Geographic Concentration Asset Size
(by cost in dollars) (by gross leasable area in sf )
Less
than

100,000;
4%

Midwest;
19%

South/ 100,000
to

Southeast;
34%
200,000;
26%

Mountain;
16%

More
than

200,000;
70%

West;
31%

20

Pine Tree Operating Property Portfolio
Since 1995, Pine Tree has developed and acquired 59 properties
across the United States with a value of more than $550 Million.

Por tfolio
21

Portfolio Overview
Income Producing Real Estate
Property Location Leasable Area Anchor Tenants Partner
Severance Town Center Cleveland Heights, OH 615,573 Home Depot, Walmart, Daves Market Syndicated Equities Corporation
Hazel Dell Town Center Vancouver, WA 270,691 Best Buy, Bed Bath & Beyond, Kohl's Utah Retirement System
Walnut Creek Westminster, CO 216,263 TJ Maxx, Petsmart, Oﬃce Max Buchanan Street Partners
Pine Tree Current Properties

INKY Portfolio 12 Properties in IN & KY 211,660 Blockbuster Syndicated Equities Corp, & High Net Worth Investors
Southridge Squiare Des Moines, IA 144,528 Hobby lobby, Gordmans High Net Worth Investors
Orchard Crossing Fort Wayne, IN 118,252 Gordmans, Dress Barn, Rue 21 Inland Real Estate Corporation (NYSE:IRC)
Gateway Center San Ramon, CA 110,440 Lucky Center (run by Save Mart), Walgreens Utah Retirement System
Turfway Commons Florence, KY 105,471 Babies R Us, Michaels, Guitar Center GEM Realty Capital
Alton Corners Alton, IL (St. Louis, MO) 50,053 Petco, Applebee's, Dollar Tree Buchanan Street Partners
Onalaska Marketplace Onalaska, WI 25,961 Cold Stone Creamery, Sprint PCS, Dolar Tree High Net Worth Investors
Total 1,868,892

Development Projects
Property Location Acres Partner
Southshore Marketplace West eld, IN 63 Inland Real Estate Corporation (NYSE:IRC)
Riverwalk Center Montrose, CO 28 High Net Worth Investors
Lantern Commons Boise, ID 7 Inland Real Estate Corporation (NYSE:IRC)
Total 98

Third Party Management
Property Location Leasable Area Partner
Shopko Plaza Peoria, IL 128,955 Private Owner
Country Village Shopping Center
Minnetonka, MN 110,060 Henderson Property Fund
Vineyard Village Euless, TX 219,542 BIG USA
Southridge Square Des Moines, IA 144,528 Private Owner
Creston Shopping Center Janesville, WI 138,615 Private Owner
Antioch Shopping Plaza Antioch, IL 87,762 Private Owner
Elmwood Plaza Racine, WI 334,199 Private Owner
Total 1,163,661

22

Portfolio Overview
Past Pine Tree Projects
Property Location Size (gross sf) Size (net sf) Anchor Tenants
Pine Tree Plaza Janesville, WI 317,381 187,381 Home Depot, Staples, TJ Maxx, Michaels, Gander Mtn.
Deer Trace Shopping Center Kohler, WI 275,047 150,047 Target, Home Depot, TJ Maxx, Michaels, Elder Beerman
East Lloyd Commons Evansville, IN 149,737 149,737 Best Buy, Gordman's Michaels, Panera
Water Tower Plaza Bradley, IL 261,834 136,834 Target, Marshall's, Michaels, Staples, Barnes & Noble
University Crossings Mishawaka, IN 286,458 136,458 Super Target, Babies R Us, Marshalls, Petco, Pier One
Pine Tree Plaza Peoria, IL 128,955 128,955 Menard's, Shopko
Pine Tree Plaza 2 Champaign, IL 241,771 111,771 Best Buy, Shoe Carnival, Dick's, Michaels
Plover Plaza Plover, WI 108,038 108,038 Copp's Shopko, Hallmark, Fashion Bug, Fantastic Sam's
College Park Plaza Buchanan, WI 78,451 78,451 Regal eater, Fleming Foods, Dollar Tree, Radio Shack
Riverwalk Center Moore, OK 148,127 78,127 Kohls, Gordman's, Maurice's, Payless Shoes
Pine Tree Plaza Ames, IA 70,209 70,209 Kmart, Aldi, Cinemark eater, Staples, Radio Shack
Plover Plaza 2 Plover, WI 65,900 65,900 Shopko, Copp's, Elder Beerman
Pine Tree Plaza Portage, WI 61,253 61,253 Piggly Wiggly, Staples, Stage, Radio Shack, Dollar Tree
Dekalb Market Square Dekalb, IL 57,835 57,835 Walmart, Oﬃce Max, Factory Card, Blockbuster
Pine Tree Plaza Delavan, WI 154,200 54,200 Shopko, Piggly Wiggly, Fashion Bug, Blockbuster
Monarch Plaza Beaver Dam, WI 44,984 44,984 Nash Finch, National Cash Advance
Pine Tree Plaza Spencer, IA 42,499 42,499 Walmart, Staples
Valparaiso Marketplace Valparaiso, IN 289,628 39,628 Target, Kohl's, Home Depot, Fashion Bug, Bath and Body
Gladstone Commons Chicago, IL 39,101 39,101 Blockbuster, Dollar Tree, Radio Shack
Pine Tree Plaza Altoona, IA 31,745 31,745 Walmart, Menards, Fashion Bug, Dollar Tree, Hallmark

Por tfolio
Danville Crossings Danville, IL 27,050 27,050 Walmart, Menards, Fashion Bug, Shoe Show, Sally Beauty
Deer Trace Shopping Center 2 Kohler, WI 149,421 24,421 Target, Home Depot, Pier One, Payless Shoe, Maurice's
Staples Plaza Guntersville, AL 23,942 23,942 Staples,
Champaign Towne Center Champaign, IL 23,840 23,840 Target, Circuit City, Party City, Radio Shack, Dots
Pine Tree Plaza 2 Clinton, IA 22,925 22,925 Target, Walmart, Fashion Bug, On Cue, Pizza Hut
Clinton Towne Center Clinton, IA 16,540 16,540 Walmart, Target, Dollar Tree, Payless Shoes, GNC, US Cell
Valparaiso Marketplace 2 Valparaiso, IN 15,815 15,815 Target, Kohl's, Home Depot, Panera Bread
Western/Addison Plaza Chicago, IL 11,700 11,700 Blockbuster, Dunkin Donuts, Insure One
Total 3,144,386 1,939,386

23

RECENT PROJECTS
STCEJORP TNECER
// This section will showcase Pine Tree’s
most recent projects.

Loch Leven Landing

Vineyard Village

WIIL Portfolio

25

Loch Leven Landing, Mt. Dora, FL
Property: Loch Leven Landing
Location: Mt. Dora, FL
Tenants: Publix, Five Guys, Great Clips
Development Size: 71,590 sf
Purchase Price: $14,445,000.00
Date Purchased: 11/05/2010
RECENT PROJECTS

In November of 2010, Pine Tree, in partnership with Pacolet Milliken Enterprises, Inc., acquired a Publix
anchored shopping center at the intersection of the Hwy 441 & SR 44 in Mount Dora, Florida.

Vineyard Village, Euless, TX
Property: Vineyard Village
Location: Euless, TX (Dallas, TX area)
Tenants: Staples, PetsMart, Bed Bath & Beyond, Marshalls, Ross Dress for Less
Date Acquired: 12/30/2010

Pine Tree acted in an advisory role performing property, financial and market due diligence as well as
providing property management services for the acquisition of the 219,000 sf Vineyard Village Shopping
Center near Dallas, TX for BIG USA.

WIIL Portfolio, WI & IL
Property: WIIL Portfolio
Location: Racine, WI; Janesville, WI; Antioch, IL
Tenants: Piggly Wiggly, Office Max, Jo-Ann Fabrics, Schnuck’s
Development Size: 560, 576 sf
Date Acquired: 01/01/2011

Pine Tree was recently engaged by a high-net worth individual investor to manage and lease a portfolio of
three properties within Wisconsin and Illinois.

26

06
// Pine Tree’s experience includes projects across the risk spectrum. The following
projects summarize various deals which Pine Tree has successfully completed. These
sample projects show the breadth of our knowledge and capabilities.

New Development 28-31

Re-Development 32-35

Developer Early Reward Program™ 36-39

Discounted Note Purchase 40-43

Value-Add & Core Plus 44-47

Core 48-51

CASE STUDI
IDUTS ESAC

// Shops at Walnut Creek
Westminster, CO

ES
SE
29

// Deer Trace Plaza
Kohler, WI New Development

Re-Development

Developer Early Reward Program™

Discounted Note Purchase

Value-Add/ Core Plus

Core

LOPMENT
TNEMPOL 31

KOHLER, WI
NEW DEVELOPMENT

Property: Deer Trace Plaza (Phases I & II)
Location: Kohler, WI
Tenants: Target, Home Depot, Michaels, TJ Maxx, Elder Beerman

• Large scale power center totalling 430,000 square feet developed in two phases. Phase I included Home
Depot, Elder Beerman, TJ Maxx, Michaels, & Dollar Tree. Phase II included Target, Pier 1 Imports,
Maurices, and Payless.

• The Village of Kohler is a company town developed for the purpose of serving the needs of The Kohler
Company. The Village of Kohler has strict quality standards and maintains an active role in decisions
relating to layout, design, and tenancy. Pine Tree worked closely with the Village of Kohler to ensure
that the finished product would enhance the community and be an amenity to its residents.

• Construction commenced in early November. An inflatable dome was purchased to provide shelter from
the elements and continue construction throughout the winter. In an effort to use local and recycled
materials, waste material from a local casting plant was used as fill material.

• Both phases of the property were sold to Inland Real Estate Corporation.

32

KOHLER, WI

Demographics 1 Mile 3 Miles 5 Miles
Population 1,950 25,664 70,426

Case Studies
33

// Anchor Tenants New Development
East Lloyd Commons Center
Evansville, IN

Re-Development




Core

PMENT
TNEMP 35

EVANSVILLE, IN

Property: East Lloyd Commons
RE-DEVELOPMENT

Location: Evansville, IN
Tenants: Best Buy, Michaels, Gordmans, Guitar Center

• In 2005, Pine Tree, in partnership with GEM Realty Capital, Inc., acquired a former Super K-Mart
building at the intersection of the East Lloyd Expressway (Indiana State Highway 66) and Burkhardt
Road in Evansville, IN.

• The property was subsequently redeveloped into East Lloyd Commons, a 159,000 sf shopping center
anchored by Best Buy, Michaels, Gordmans, and Guitar Center.

• Pine Tree was alerted to the opportunity through its relationship with Michaels, who contacted
Pine Tree and indicated their interest in relocating from their site in the market to the former Super
K-Mart building.

• The seller of the former Super K-Mart required a short due diligence period and quick closing. Pine
Tree’s construction team evaluated the property and provided an estimate of construction costs while
Pine Tree’s leasing team engaged in discussions with the anchor tenants prior to closing.

• Leases were quickly executed following closing and construction started shortly thereafter. The
property was sold to an Inland-related entity a year after acquisition and generated strong returns to
the investors.

36

EVANSVILLE, IN

Population 6,572 51,036 112,756

Case Studies
37

D E V E L O P E R E A R LY
YL R A E R E P O L E V E D

// Hazel Dell Towne Centre
Vancouver, WA New Development

Re-Development




Core

R E WA R D P R O G R A M ™
™ M A R G O R P D R AW E R
39

VANCOUVER, WA
DEVELOPER EARLY REWARD PROGRAM™

Property: Hazel Dell Towne Center
Location: Hazel Dell, WA (Suburban Portland, OR)
Tenants: Target (NAP), Kohl’s, Bed Bath & Beyond, Party City, Petco, & Office Depot

• In partnership with Utah Retirement Systems (being advised by Henderson Global Investors), Pine Tree
acquired Hazel Dell Towne Center prior to completion on April 3, 2007 through the Developer Early
Reward Program, Pine Tree’s marketed program of acquiring shopping centers prior to completion.

• Hazel Dell is a Target shadow-anchored shopping center located adjacent to Interstate 5 that draws from a
regional trade area. The surrounding market has strong natural and zoning/regulatory barriers to entry.

• Hazel Dell was valued on a completed basis and the purchase price was reduced by the remaining costs
required to complete the project.

• Remaining construction to be completed included the site work for a Kohl’s ground lease and the leasing
and interior build-out of approximately 17,000 sf of small shops and 13,000 sf of junior anchor space.
Kohl’s is now open and operating at the property and construction of the additional shop space has been
completed.

40

VANCOUVER, WA

Population 10,830 107,408 214,918

Case Studies
41

// Super Target
Shops at Walnut Creek
Westminster, CO

DISCOUNTED N
N DETNUOCSID

New Development

Re-Development




Core

OTE PURCHASE
ESAHCRUP ETO 43

WESTMINSTER, CO
DISCOUNTED NOTE PURCHASE

Property: The Shops at Walnut Creek (Denver market)
Location: Westminster, CO
Tenants: Super Targer, TJ Maxx, Home Goods, PetsMart, Office Max, Golf Galaxy

• Pine Tree and Buchanan Street Partners acquired The Shops at Walnut Creek in
Westminster, Colorado in May 2007, weeks before the advent of the credit crisis.

• The purchase of the property was financed with a $43.1 million loan from LaSalle
Bank with aggressive terms reflective of the period’s excessive credit availability.
This loan was intended to be sold off of LaSalle’s balance sheet as a part of a
securitized offering.

• Knowing that the CMBS markets were illiquid, Pine Tree and Buchanan Street
Partners approached Bank of America (which purchased LaSalle Bank) to inquire
about a discounted payoff of the loan’s principal.

• After a negotiation that lasted several months, the partnership was able to pay off the loan at
$32 million, a discount of approximately 26% from the original balance of $43.1
million.

44

WESTMINSTER, CO

Population 7,330 107,276 269,321

Case Studies
45

46
VA L U E - A D D / C
C / D D A - E U L AV

// Severance Town Center
Cleveland Heights, OH
New Development

Re-Development




Core

ORE PLUS
SULP ERO 47

CLEVELAND HEIGHTS, OH
VALUE-ADD / CORE PLUS

Property: Severance Town Center
Location: Cleveland Heights, OH
Tenants: Home Depot, Wal-Mart, Dave’s Market

• Originally constructed as the first enclosed mall in northeast Ohio, the redesigned Severance Town
Center is situated in a densely populated regional retail district.

• The 615,573 square foot center is anchored by Wal-Mart and Home Depot. Other prominent retailers
include Office Max, Dave’s Market, Marshalls, Conway Department Stores, Rainbow Apparel, and Shoe
Carnival.

• The property was acquired in 2004 at an occupancy level of 89%. Pine Tree has since increased the oc-
cupancy level to 97% and enhanced the center’s mix of retailers.

48

CLEVELAND HEIGHTS, OH

Population 16,906 159,860 356,435

Case Studies
49

// Gateway Centre
San Ramon, CA New Development

Re-Development




Core

51

SAN RAMON, CA

Property: Gateway Center
Location: San Ramon, CA (San Francisco Bay Area)
Tenants: Lucky’s (Albertson’s at time of acquisition) & Walgreens

• In Partnership with Utah Retirement Systems (being advised by Henderson Global Investors), Pine
Tree acquired the Gateway Centre in San Ramon, CA. The property is located in a dense and affluent
suburb in the San Francisco Bay area that maintains strong barriers to entry through the lack of
available land suitable for competitive development.
CORE

• At time of acquisition, Albertson’s operated a grocery store in the space and was under contract to be
sold to an investment consortium that included Cerberus Capital Management and Kimco Realty. The
northern California Albertson’s stores (which included the store at the Property) were widely reported
to be under-performing, adding uncertainty to the viability of the lease to Albertson’s.

• Pine Tree recognized the strength of the location and used its in-house development expertise to
evaluate alternate scenarios, including a scenario where the grocery space became vacant and was
subdivided and leased to multiple tenants. Pine Tree’s construction staff evaluated the cost to subdivide
and retrofit the space and Pine Tree’s leasing staff projected rental rates for these tenants. Ultimately,
it was determined that the alternate scenario would provide additional upside to the transaction as
Albertson’s rental rate was well below market.

• After the acquisition of the property, the northern California Albertson locations (including the store at
the Property) were sold to Save Mart, a northern-California-based grocery operator, who converted the
store to the Lucky’s brand. The Lucky’s store is currently performing extremely well.

52

SAN RAMON, CA

Population 15,021 66,272 151,030

Case Studies
53

07
MAET RUO TEEM
MEET OUR TEAM

54

We have a well-rounded management team with decades of combined experience
in the development, acquisition, leasing and property management of
commercial real estate properties.

55

“We believe in balance: caution and risk, certainty and possibility, tradition and
innovation. The ultimate balance for our company is holding firm to our
time-tested standards, while constantly evolving and adapting to a rapidly
changing world.”

- Peter Borzak, Co-Founder, Principal
Pine Tree Team

56

Peter Borzak, Co-Founder, Principal
Peter began his career at The Balcor Company in 1984
after graduating Phi Beta Kappa from George
Washington University.

In 1990, Peter formed Plymouth Court Properties,
Inc., which owned and managed several office and
apartment buildings and a public golf club in the
greater Chicago area. In addition, the principals of
Plymouth Court Properties were involved in the
development of Michael Jordan’s Restaurant in
Chicago, Illinois.

In 1995, Peter was a co-founder of Pine Tree Commercial Realty with Barry
Herring. To date, Pine Tree affiliates have developed and acquired 59 shopping
centers nationwide totaling over five million square feet, with an aggregate value
of over $550 million. Pine Tree Commercial Realty offers a full spectrum of real
estate services for retail properties, including development, legal, accounting,
acquisitions, construction management, leasing, general contracting and property
management.

Peter has also been active with the University of Illinois Department of Finance,
Notre Dame University Department of Finance and the George Washington
University Alumni Association, Big Brothers/Big Sisters of Chicago (as a 24 year
mentor), YPO, Deerfield AYSO, the Deerfield Youth Baseball Association, and has
served as a member of the board of directors for the Deerfield Park Foundation,
Harold Eisenberg Foundation, Big Brothers Big Sisters of Chicago, and the
Standard Club of Chicago, where he served as president from 2004 to 2006.
Peter also serves on the Illinois State Committee for the International Council of
Shopping Centers.

Peter is married, has two children and lives in suburban Chicago, Illinois.

Team Bios
57

“Every day brings change in our industry. We are proud of our abilities as
professionals to adjust and adapt on a daily basis in order to remain
relevant in what we do and how we perform.”

- Tim Roe, Exec. V.P. - Senior Director of Leasing
Pine Tree Team

58

Tim Roe, Exec. V.P. - Senior Director of Leasing
Timothy Roe is a Senior Executive of Pine Tree
Commercial Realty, LLC. A 22 year commercial real
estate veteran, Roe has successfully negotiated and
executed in excess of 4.6 million square feet of real
estate transactions in his career (3.97 million square
feet since his tenure at Pine Tree began in December
1995).

At Pine Tree, his role is to approve and negotiate all
leases/renewals, analyze and structure shopping
center development transactions and acquisitions as
well as overseeing the entire Pine Tree portfolio
and its communication with its relevant partners. Roe has been directly
responsible for the successful consummation of well over five hundred lease
transactions in his position at Pine Tree.

Prior to joining Pine Tree, Roe worked for Charming Shoppes, Inc., the parent
company of Fashion Bug, Lane Bryant and Catherine’s Plus Sizes, as well as
Melville Corporation, the parent company of Linens n’ Things, Kay Bee Toys,
Toyworks, Wilson’s Leather, Foot Action and other retail stores. Roe graduated
from the University of Kansas in 1990 and is actively involved in the KU Alumni
Association and the International Council of Shopping Centers.

Tim is married and is the father of four boys.

Team Bios
59

“Our experience on both the business and legal side of deals allows us to craft
effective and efficient solutions to problems as, or even before, they arise.”

- Bruce Boruszak, Executive Vice-President and General Counsel
Pine Tree Team

60

Bruce Boruszak, Ex. Vice-President & General Counsel
Bruce is currently Executive Vice President – General
Counsel at Pine Tree Commercial Realty, LLC. At
Pine Tree Bruce’s responsibilities include overseeing
all legal needs of the Company, including negotiation
of contracts, joint ventures and leases. Bruce is also
actively involved with Pine Tree in the development of
retail properties, including dealing with permitting,
governmental approvals and coordination of the
development process.

Prior to joining Pine Tree, Bruce was a partner in,
and co-chair of the Real Estate Practice Group at, the
Chicago law firm of Wildman, Harrold, Allen & Dixon
LLP. Bruce has over 25 years experience in commercial real estate and retail
acquisition, development, leasing, financing and disposition.

Bruce received his B.S. with highest honors, from the University of Illinois and
his J.D., cum laude, from the University of Michigan where he was an Associate
Editor of the University of Michigan Journal of Law Reform and a member of the
Order of the Coif. He is also a Certified Public Accountant. Bruce is an active
member of the bar in the States of Illinois (1982) and California (2003). Bruce
has received the highest peer rating AV® Preeminent™ 5.0 out of 5 by Martindale
Hubbell.

Bruce serves on the Dean’s Business Advisory Council for the University of
Illinois College of Business and on the Board of Directors of Chicago Youth
Programs and is Treasurer and a Board Member of the 175 East Delaware Place
Homeowner’s Association. Bruce is a member of the International Council of
Shopping Centers, and the Illinois and California Bar Associations. Bruce has
been a guest lecturer at the Kellogg Graduate School of Business, Northwestern
University, and the University of Illinois College of Business.

Team Bios
Bruce is married and has two children.

61

“I’ve read that there are two kinds of people in the world, those who work and
those who take credit. The advice provided is to be the former, because
there is less competition there.”

- Lee Pearson, Exec. V.P. - Design & Construction
Pine Tree Team

62

Lee Pearson, Ex. V. P. - Design & Construction
Lee joined the Pine Tree Team in the fall of 1999 and
has over 27 years experience in retail development.
Previous to Pine Tree he worked for Supervalu Stores,
the nation’s largest wholesale grocer and an industry
leader in supermarket retailing. For more than 16
years he progressed from the drafting board, on
through several supermarket development positions
related to design, project management, and real estate.
At the time he joined Pine Tree, Lee was the Manager
of Supervalu’s Midwest Region Project Management
Team. Additionally, Lee worked for Whole Foods
Market, the nation’s largest organic grocer, at their
Midwest Region.

As part of their store development team, he was responsible for the development
of the Midwest Region Construction Team, and charged with the development of
several new Whole Foods supermarkets in the Midwest.

On the Pine Tree Team, Lee is actively engaged in and has oversight responsibility
for several aspects of the company’s due diligence and entitlement processes
for all new retail development projects, and for the acquisition of existing retail
shopping centers. He directs all aspects of the company’s design and construction
processes, and is the point person for those related third party consultants. He
also works closely with leasing, legal, and property management on those lease
and landlord matters related to design, construction, and landlord deliverables.
In 2001 Lee also started up and has managed Pine Tree Construction Services,
LLC, which has been the General Contractor for nearly all of Pine Tree’s new
development projects since. To date Pine Tree Construction Services has
successfully constructed more than 600,000 square feet of retail space on 8
different projects.

Team Bios
Lee is married, has two sons, one grandchild and another on the way. He enjoys
the outdoors, hunting and gardening.

63

“We’re encouraged by the increase in volume that we continue to see in the
market. We’re proud of our ability in this environment to quickly and
reasonably evaluate opportunities so that we can give our brokerage
relationships and sellers a quick answer.”

- Todd Zinsmaster, Sr. V. P. - Acquisitions & Development
Pine Tree Team

64

Todd Zinsmaster, Sr. V. P. - Acquisitions & Development
Todd Zinsmaster joined Pine Tree in 2007, and is
responsible for sourcing, negotiating, underwriting
and conducting due diligence on shopping center
acquisition and development opportunities.

Todd has over 20 years of retail development and
acquisitions experience, including involvement with
over 120 development projects, and has extensive
experience in acquiring and disposing of both land
and existing shopping centers. Todd’s relationships in
the brokerage and ownership community have created
numerous investment opportunities for Pine Tree.

Prior to joining Pine Tree, Todd was Senior Director of Development for Kimco
Developers Inc, where he oversaw more than 30 projects totaling in excess of $1
billion of total cost in multiple markets across the country, and was intimately
involved in entitlement, construction and leasing. Prior to Kimco, Todd spent 10
years with Home Depot, where he oversaw new store construction and remodeling
projects.

Team Bios
65

“One of the many qualities I have found across the board at Pine Tree is
consistently being fair to all parties. We take the honorable and reasonable
approach, which we hope leads our partners, tenants, lenders, and service
providers to be our best source of referrals.”

- Phil Spitz, Sr. V.P. - Property Management & Accounting
Pine Tree Team

66

Phil Spitz, Sr. V. P. - Property Management & Accounting
Phil Spitz joined the Pine Tree team in 2005. After
beginning his career with the Chicago-based
accounting firm Altschuler Melvoin and Glasser,
Phil served as Manager of Real Estate at Hollister
Incorporated, a global manufacturer of health care
products. He then served as Vice President of Property
Management at Klaff Realty, a national investor in
retail and office building assets. At Klaff, Phil was
responsible for the management of over 5,000,000
square feet of property.

At Pine Tree, Phil leads the Property Management and
Accounting groups. These groups attend to property operations, tenant relations,
lease administration, budgeting and cash and GAAP financial reporting.

Phil has an accounting degree from the University of Illinois and an MBA from
the Kellogg Graduate School of Business at Northwestern University. Phil is a
Certified Public Accountant.

Phil is married, has 3 children and lives in Buffalo Grove. Phil enjoys time at the
golf course and on the tennis courts.

Team Bios
67

“A key differentiator at Pine Tree is our team approach in responding to
challenges: holistically, promptly, and most important reasonably. Every opinion
matters, and considering them collectively provides for the
most optimal solution.”

- Mark Waligora, Vice President & Asset Manager
Pine Tree Team

68

Mark Waligora, Vice President & Asset Manager
Mark Waligora joined Pine Tree in November of 2006,
where he sources, underwrites, negotiates, executes
and conducts due diligence related to shopping center
investment opportunities. Throughout his career at
Pine Tree, Mark has been involved in retail property
acquisitions with a combined gross value of over $130
million. Mark is also actively involved with equity and
debt financing, asset management, investor relations,
and marketing initiatives at Pine Tree.

Mark began his career as an analyst at Hovde
Financial, an investment bank located in Inverness, Illinois exclusively focused on
the financial sector. He then went on to work as a real estate valuation consultant
at Duff & Phelps in Chicago, working in the valuation of a number of property
types, including retail, residential, office, and industrial.

Mark is actively involved with the International Council of Shopping Centers, The
Harold E. Eisenberg Foundation and the Retail Real Estate Canned Food Drive, an
industry initiative affiliated with the Greater Chicago Food Depository.

Mark is a graduate of Indiana University’s Kelley School of Business, with a
Bachelor’s Degree in Finance, and a minor in English.

Team Bios
69

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