Northbrook's Pine Tree buys Los Angeles center

A Pine Tree LLC affiliate has acquired an indirect interest and taken over the property management responsibilities of Village Walk, a best-in-class two-level urban retail center in Los Angeles' Tarzana neighborhood.

The 149,000-square-foot shopping center features a 51,000-square-foot Whole Foods Market, as well as TJ Maxx, LA Fitness (opening Fall 2018), Chipotle, and Starbucks among other retail and dining destinations.

The property has been owned by an affiliate of Chicago-based Pearlmark since 2003.

"Pine Tree is extremely proud to be a part of the continued success of Village Walk," said Peter Borzak, CEO of Pine Tree based in Northbrook. "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."

Designed with convenience and lifestyle in mind for the area's growing population, and accessible by the Metro Orange Line and major freeways (101 and 405), Village Walk is adjacent to the Residences and the Villas at Village Walk, two of Tarzana's most recently developed apartment and townhome communities. Together, they contribute to form one of the area's top dynamic and pedestrian-friendly shopping and dining experiences.