Retail i Ohio

Pine Tree acquires 89,000-square-foot retail center near Cleveland

Pine Tree acquires 89,000-square-foot retail center near Cleveland,ph01

An affiliate of Northbrook, Illinois-based Pine Tree, LLC acquired the 89,436-square-foot Streetsboro Crossing shopping center in the Cleveland market from New York-based Brixmor Property Group Inc.

Streetsboro Crossing is located at the intersection of Ohio State Highways 14 and 43, minutes away from Interstate 80, in the affluent northeast suburb of Streetsboro, Ohio.

The grocery-anchored shopping center was acquired by a subsidiary of Pine Tree Opportunity Corp, a discretionary investment vehicle targeting open-air necessity-based retail properties.

Shadow-anchored by Lowe’s and Target, Streetsboro Crossing is anchored by a 69,000-square-foot Giant Eagle, the region’s dominant grocer which serves more than 5 million customers annually through nearly 400 retail locations across Ohio, Pennsylvania, West Virginia and Maryland. With the trade area’s only traditional grocer, and the only Giant Eagle location within a seven-mile radius, the shopping center has a wide reach and represents a strategic location for the retailer.

Streetsboro Crossing was brokered by Clinton Mitchell and Amy Sands of HFF. Financing was arranged by William Barry of Draper & Kramer.