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Wednesday, Mar 22, 2023

Illinois Firm to Manage Tarzana Shopping Center

An affiliate of Illinois real estate investment firm Pine Tree LLC has acquired an indirect interest in Tarzana’s Village Walk and has taken over management of the property. The retail center’s twin levels include a 51,000-square-foot anchor Whole Foods Market plus TJ Maxx, Chipotle, Starbucks and, as of this fall, an LA Fitness. “Pine Tree is extremely proud to be a part of the continued success of Village Walk,” said Chief Executive Peter Borzak in a statement. “This center highlights the continued demand for well-located grocery-anchored shopping centers. Tarzana’s dense infill location presents Pine Tree with an excellent opportunity to enhance the Village Walk shopping center operationally with the best in technology, social media and omnichannel strategies in order to connect with this growing community located in the San Fernando Valley.” Founded in 1995 and based in Northbrook, Ill., Pine Tree specializes in retail properties. Village Walk also has adjacent apartment and townhome units nearby, including the Residences and the Villas at Village Walk. Established in 1980, the 149,000-square-foot shopping center, located at 18751 Ventura Blvd., has been owned by an affiliate of Chicago-based Pearlmark since 2003, according to a Pine Tree statement.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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