Hillsboro shopping center acquired for $66 million, in partnership with U.S. state pension fund
Illinois-based Pine Tree has acquired the 269,710-square foot Sunset Esplanade shopping center in Hillsboro for $65.9 million, according to a March 3 statement from the company. The acquisition was accomplished in partnership with a U.S. state pension fund.
This Hillsboro acquisition is Pine Tree's second acquisition in the Portland metro area, according to the company. Pine Tree representatives told the Tribune that the company first acquired Hazel Dell Towne Center in Vancouver, but no longer owns or manages that property.
Conor Bossy is the executive vice president and director of acquisitions at Pine Tree, a full-service real estate company specializing in retail and founded in 1995 in Northbrook, Illinois. Pine Tree holds $3.5 billion in assets across the United States, according to the company.
"We're extremely proud and excited to be a part of the future of this strong community center in a fantastic and growing market like Portland," Bossy said in a statement. "We look forward to leveraging our team's extensive retail expertise to strengthen what is one the area's most important retail assets, while connecting with and serving the Hillsboro community."
Sunset Esplanade houses a Petco, Starbucks, Target, Safeway and more shops.
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