Chicago firm buys stake in $644M shopping center portfolio, including Wilmington center

October 21, 2026 - 02:19

A Chicago-based real estate investment firm has taken a sponsor interest in a 10-property shopping center portfolio valued at $644 million, gaining a position in a major Wilmington retail destination.

Pine Tree, a vertically integrated real estate company, announced the acquisition Tuesday. The portfolio includes University Centre, a nearly 525,000-square-foot shopping center at 412 S. College Road in Wilmington. The center houses Sam's Club, Lowe's, Ross Dress for Less, Old Navy and Bob's Discount Furniture along with other retailers.

Pine Tree acquired the sponsor interest from SITE Centers in partnership with a large international investor. The transaction marks the second off-market portfolio deal between the two companies, bringing their combined asset value to over $1.1 billion.

Peter Borzak, CEO and cofounder of Pine Tree, called it the single-largest transaction in the company's 31-year history. The deal pushes Pine Tree's total acquisition activity over the past year past $1 billion and grows its assets under management to more than $4 billion.

The properties span nine states and sit in top 50 U.S. markets. The portfolio is primarily grocery-anchored and features a mix of national and regional retailers including Target, Publix, ALDI, Sprouts Farmers Market, Food Lion, The Fresh Market, DICK'S Sporting Goods, Best Buy, Marshalls, HomeGoods and others.

Conor Bossy, Pine Tree's chief investment officer, said the portfolio offers opportunities to capture embedded upside through rent growth over the anticipated holding period. He said the assets align with the company's strategy of acquiring large-format shopping centers with a grocery component in top metropolitan areas.

Beyond University Centre, the portfolio includes properties in Phoenix, Charleston, Chicago, Richmond, Hartford, Kansas City, Raleigh, New York and Atlanta.