Grocery-anchored retail center near Cleveland sells for $10.5M
JLL Capital Markets closed the sale of the retail center anchored by Giant Eagle
CHICAGO, June 1, 2021 – JLL Capital Markets announced today that it has closed the $10.5 million sale of Streetsboro Crossing, an 89,436-square-foot neighborhood shopping center anchored by Giant Eagle in the suburban Cleveland community of Streetsboro, Ohio.
Completed in 1996, Streetsboro Crossing is home to Giant Eagle, the No. 1 grocery by market share in the Cleveland MSA. The 93.9%-leased retail center is also home to Pet Supplies Plus, Palm Beach Tanning, GNC, Great Clips and Sally Beauty and shadow anchored by Lowe’s Home Improvement and Target.
Streetsboro Crossing is situated on 19.6 acres at 1280 OH-303 in the dominant retail corridor in Streetsboro, an affluent Cleveland suburb 35 minutes from downtown. This is the only Giant Eagle location within a seven-mile radius allowing the property to pull from an extended trade area that reaches more than 100,000 residents. Additionally, the center has a dependable and affluent customer base comprising more than 47,000 residents within a five-mile radius who earn an average annual household income of $115,000.
The JLL Retail Capital Markets team that represented the seller was led by Managing Directors Amy Sands and Clinton Mitchell and Analyst Kirstey Lein along with Managing Director Bill Poffenberger.
“We continue to see robust investor demand from private capital seeking stable, high-performing grocery-anchored assets with market dominant grocers,” Mitchell said. “Additionally, we are witnessing new capital migrating to the Midwest due to the return profile and stability of the region.”
JLL Research U.S. Grocery Tracker 2021 report describes how grocery-anchored retail centers continue to be investors’ preferred retail property type. JLL expects grocery anchored retail under 100,000 square feet – like Streetsboro Crossing – to be one of the most sought-after asset classes during the recovery.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Pine Tree
Pine Tree is a Chicago-based full-service real estate company specializing in retail. Since its founding in 1995, Pine Tree has become a leader in the development, acquisition, leasing and management of retail properties throughout the United States. With retail partners ranging from superstores to specialty shops and local chains, Pine Tree currently has approximately 20 million square feet of retail space under management.