Pine Tree, Partner Acquire Shopping Center in Idaho for $78.7 Million

Meridian, Idaho — Pine Tree LLC, in partnership with a U.S. state pension fund, has acquired Meridian Crossroads, a 527,000-square-foot shopping center in Meridian, for $78.7 million.

DDR Corp. sold the asset, located 11 miles west of Boise. The center is home to tenants such as PetSmart, Pier 1 Imports, Bed Bath & Beyond and Ross Dress for Less. Pine Tree is also working with Albertsons Cos. as they open Market Street Idaho, a 109,000-square-foot experiential grocery store. The new store is expected to open at Meridian Crossroads later this year.