Pine Tree Affiliate Buys Suburban Cleveland Retail Asset
- May 08, 2019
An affiliate of Pine Tree Opportunity Corp. is the new owner of the 89,500-square-foot Streetsboro Crossing shopping center in suburban Cleveland. The company bought the asset from Brixmor Property Group Inc., which worked with HFF’s Senior Directors Clinton Mitchell and Amy Sands to close the deal. William Barry of Draper & Kramer arranged the financing.
Located at the intersection of highways 14 and 43 in Streetsboro, Ohio, the asset is a few miles of Interstate 80 and approximately 30 miles of downtown Cleveland. The property was 94 percent occupied at the time of the sale, with Giant Eagle taking up 69,000 square feet. The grocery store is the only one within a 7-mile radius. Lowe’s and Target are shadow-anchoring the shopping center.
“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, executive vice president & director of acquisitions with Pine Tree, in a prepared statement.
The same team of HFF brokers worked on several other retail deals across the Midwest, including the sale of Woodgrove Festival, a 157,276-square-foot shopping center in Woodridge, Ill.
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