Pine Tree affiliate buys Ohio shopping center

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

Terms of the acquisition were not announced.

The grocery-anchored shopping center in the affluent suburb of Streetsboro was acquired by a subsidiary of Pine Tree Opportunity Corp, a discretionary investment firm targeting open air 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. 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 T. Barry of Draper & Kramer.