NORTHBROOK, Ill. (May 3, 2019) – An affiliate of Northbrook-based Pine Tree, LLC acquired the 89,436-square-foot Streetsboro Crossing shopping center in the Cleveland, Ohio 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.
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 69k-square-foot Giant Eagle, the region’s dominant grocer which serves more than five 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 is an outstanding addition to Pine Tree’s portfolio, especially as the first wholly owned center by our new retail REIT,” said Conor Bossy, EVP & Director of Acquisitions for Pine Tree. “The shopping center exemplifies our focus on well-located, best-in-class box- and grocery-anchored shopping centers across the country.”
Streetsboro Crossing was brokered by Clinton Mitchell and Amy Sands of HFF. Financing was arranged by William T. Barry of Draper & Kramer.
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About Pine Tree:
Pine Tree, LLC is a Northbrook, Illinois-based full-service real estate company specializing in retail. Since its founding in 1995, Pine Tree has completed over $2.2 billion in transactions. The company’s projects are located across the United States.
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