Tanger acquires mixed-use center in Cleveland suburb
Tanger has added to its Midwestern portfolio with its latest acquisition.
The owner and operator of outlet and open-air retail shopping centers has acquired Pinecrest, a 640,000-sq.-ft. open-air, grocery-anchored, mixed-use center in Orange, Ohio, a suburb of Cleveland. Pinecrest is Tanger’s third full-price, market-dominant shopping center, following its acquisition of The Promenade at Chenal in Little Rock, Ark. in December 2024 and Bridge Street Town Centre in Huntsville, Ala. in late 2023.
Located in Cleveland’s affluent eastern corridor, Pinecrest opened in 2018 as one of Northeast Ohio’s premier retail and entertainment destinations. Anchored by Whole Foods Market, Pinecrest features a mix of national, regional, and local retailers, including Alo Yoga, Untuckit, Madewell, Sephora, Warby Parker, Indochino, Williams-Sonoma, Pottery Barn, REI, Nike, and more. Entertainment and dining options at the property include Shake Shack, Kitchen Social, First Watch, Firebirds Wood Fired Grill, Silverspot Cinema, and Pinstripes – all located in an open-air, high-street setting.
-
Image courtesy of Tanger.
Tanger’s acquisition of Pinecrest also includes the center’s upscale onsite residential and office components, which the company says helps support foot traffic at the center. The on-property AC Hotel, under separate ownership, also fosters the “live-work-play dynamic” at the center.
Tanger acquired Pinecrest for approximately $167 million, using cash on hand and available liquidity. Management estimates the center to deliver an eight percent return during the first year, with potential for additional growth over time.
[READ MORE: Report: Rents are stabilizing, and retail expansion continues apace]
“This acquisition continues our growth strategy and expansion in the full-price retail space, with another market-leading town center destination,” said Stephen Yalof, president and CEO of Tanger. “With exclusive-to-market and sought-after shopping, dining, and entertainment, Pinecrest offers a distinctive atmosphere that resonates with the discerning local community. We look forward to applying our leasing, marketing, and operating platforms to further elevate the exceptional experience Pinecrest offers our guests and tenants.”
Founded in 1993, Tanger’s portfolio includes 38 outlet centers, one adjacent managed center, and three open-air lifestyle centers. Tanger manages over 16 million square feet of real estate in 21 U.S. states and Canada.
