CHASE PROPERTIES ANNOUNCES THE ACQUISITION OF PINE TREE PLAZA, JANESVILLE, WISCONSIN
BEACHWOOD, Ohio, March 14, 2023 — Chase Properties, a Beachwood, Ohio-based owner and operator of shopping centers, announces the acquisition of Pine Tree Plaza, an open-air shopping center located in Janesville, Wisconsin.
Pine Tree Plaza is a 184,834 square foot shopping center anchored by TJ Maxx, HomeGoods, Michaels, Old Navy, and Petco. Pine Tree Plaza is situated in the middle of the area’s retail trade corridor, just minutes from Walmart Supercenter, Home Depot and Target, with excellent visibility from I-90/39. At acquisition, Pine Tree Plaza is 82% occupied. The sale was brokered by Ben Snyder and Zack Bates of Matthews.
Pine Tree Plaza marks Chase Properties’ sixth acquisition in its’ Chase Properties Retail Opportunities Fund IV. As the company continues to expand by acquiring high quality shopping centers in secondary and tertiary markets. According to Andy Kline, Chase Properties’ Co-CEO, “In this challenging economic and transaction environment, we are very pleased to have been able to execute on this exciting acquisition. Pine Tree Plaza represents an opportunity for us to acquire a strong shopping center with immediate upside. We’re confident in our ability to bring the property occupancy to 100% in the near future. As we celebrate our 50th year in business, we continue to focus on our core retail strategy of acquiring high-quality open-air shopping centers in secondary and tertiary markets.”
Chase Properties is a full-service owner and operator of shopping centers located in 21 states throughout the Midwest, Southern and Eastern U.S. The company was founded in 1973. Currently, Chase Properties owns and manages shopping centers, industrial properties and multifamily assets comprised of over 7.4 million square feet.
SOURCE Chase Properties Ltd