Square Mile Capital Management LLC announced that it has acquired an equity interest in Pinecrest – a prominent 630,000 square-foot mixed-use property in Orange Village, Ohio.
Completed in 2018 and strategically located amongst the most affluent communities in Northeastern Ohio, Pinecrest has emerged as the area’s premier destination for diverse high-caliber retail, complemented by modern attractive office space, luxury residences and a one acre park. The retail component is an open-air, walkable lifestyle center boasting more than 50 offerings that include fashion, hard goods, wellness, fine and fast casual dining, and entertainment.
Square Mile Capital Managing Director Charles Ochman said, “We are very enthusiastic about this investment in a diversified property with strong and stable occupancy. Pinecrest enjoys a dominant competitive position that will be enhanced as we move forward and leave current pandemic-related challenges behind. We and our incredible group of tenants look forward to the inevitable growth in visitor traffic, further solidifying Pinecrest’s position as the crown jewel of mixed use assets in this region.”
Pinecrest was developed by a partnership led by Fairmount Properties, which will continue to operate the property, curating a superior live, work and play experience.
Square Mile Capital is a private equity real estate investment firm with approximately$8 billion in assets under management. Headquartered in New York City, the firm actively invests in a full array of property types in metropolitan areas throughout the United States.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm has an established history of successful investing in commercial real estate at all points in the market cycle. Square Mile Capital's experience supplying flexible equity and debt capital solutions in diverse property sectors and across the risk spectrum, combined with its integrated national sourcing and investment platform, facilitates the creation of value for our investors, partners, borrowers and counterparties. Square Mile Capital seeks to identify the impact of long-term trends on real estate values and target its equity investments on key investment strategies likely to benefit from such trends. The firm's commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States utilizing our broad investment platform, product expertise and research resources.
For more information, visit www.squaremilecapital.com.
