Pine Tree Acquires Controlling Interest in a 10-Property, $644M Shopping Center Portfolio

Chicago, Ill. (October 20, 2026) - Pine Tree, a national owner and operator of open-air shopping centers, announced that it has acquired a controlling interest in a 10-property portfolio recently appraised at $644 million and totaling 3.5 million square feet. The interest was acquired from SITE Centers (NYSE: SITC) in partnership with a large international investor. The transaction brings Pine Tree's total acquisition activity over the past 12 months to more than $1 billion and grows the company's assets under management to more than $4 billion.

Spanning nine states and located in top 50 U.S. markets, the primarily grocery-anchored portfolio is comprised of a mix of national and regional retailers, including: Target, Sam's Club, Publix, ALDI, Sprouts Farmers Market, Food Lion, The Fresh Market, Lowe's, DICK'S Sporting Goods, Best Buy, Marshalls, HomeGoods and Ross Dress for Less, among others.

"This is the second off-market portfolio transaction between SITE Centers and Pine Tree, with a total asset value of over $1.1 billion, and the single-largest transaction in our 31-year history," said Peter Borzak, CEO and Co-Founder of Pine Tree. "We are grateful for our counterparts at SITE Centers for facilitating a mutually beneficial transaction and look forward to the future relationship with our institutional partner who shares our investment thesis."

"The portfolio presents compelling opportunities to capture embedded upside through mark-to-market rent growth over the anticipated holding period," said Conor Bossy, Chief Investment Officer at Pine Tree. "The assets perfectly align with Pine Tree's strategy to acquire best-in-class large-format shopping centers with a grocery component in top 50 MSAs."

The portfolio includes the following properties, with select anchors and major retailers:

• Ahwatukee Foothills Towne Center (Phoenix, AZ). Sprouts Farmers Market, Best Buy, Burlington, Marshalls, HomeGoods, Ross Dress for Less.

• Ashley Crossing (Charleston, SC). Food Lion, Marshalls.

• Brookside Marketplace (Chicago, IL). Target, DICK'S Sporting Goods, Best Buy, HomeGoods, TJ Maxx.

• Commonwealth Center (Richmond, VA). Target, The Fresh Market, Old Navy, Ulta Beauty.

• Connecticut Commons (Hartford, CT). ALDI, Lowe's, DICK'S Sporting Goods, Marshalls.

• Independence Commons (Kansas City, MO). Best Buy, Marshalls, Ross Dress for Less, Bob's Discount Furniture.

• Poyner Place (Raleigh, NC). Target, Ross Dress for Less, Marshalls, Old Navy, World Market.

• Route 22 Retail Center (New York, NY - SF). Target, DICK'S Sporting Good.

• Towne Center Prado (Atlanta, GA). Publix, Ross Dress for Less, Barnes & Noble, Petco.

• University Centre (Wilmington, NC). Sam's Club, Lowe's, Ross Dress for Less, Old Navy, Bob's Discount Furniture.