Grocery-anchored retail center near Cleveland sells for $10.5M

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.

JLL marketed the property on behalf of the seller, an affiliate of Chicago-based Pine Tree. A private DST investor purchased the asset in an all-cash transaction.

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.

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