Tanger Inc. completed the acquisition of Pinecrest, a 640,000-square-foot open-air, grocery-anchored mixed-use center in Cleveland, Ohio, on February 12, 2025. The acquisition was made for approximately $167 million, using cash on hand and available liquidity.
Pinecrest, which opened in 2018, is located in an affluent submarket of Cleveland and serves as a premier retail and entertainment destination. It features a curated mix of national, regional, and local retailers, including Whole Foods Market, Alo Yoga, Sephora, and Nike, along with diverse dining and entertainment options.
The acquisition also includes the center's upscale onsite residential and office components, which are expected to support foot traffic and benefit from its location. Management estimates that Pinecrest will deliver an eight percent return during the first year. This move represents Tanger's third full-price, market-dominant shopping center, further diversifying its portfolio and expanding its presence in key markets.
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