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Pine Tree Adds Grocery-Anchored Center Near Cleveland
An affiliate of Northbrook, IL-based Pine Tree LLC has acquired Streetsboro Crossing, a grocery-anchored shopping center in the affluent Cleveland suburb of Streetsboro, OH, from Brixmor Property Group. Pricing wasn’t disclosed for the 89,436-square-foot property.
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 supermarket.
“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 and 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.”
The deal was brokered by HFF’s Clinton Mitchell and Amy Sands. Financing was arranged by William T. Barry of Draper & Kramer.
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