Tanger acquires Pinecrest Shopping Center in Cleveland

Major outlet center owner Tanger has announced its acquisition of Pinecrest, a premier 640,000-square-foot mixed-use shopping center in Cleveland, Ohio. 

The $167 million purchase marks Tanger’s third full-price, market-dominant acquisition, following The Promenade at Chenal in Little Rock, Arkansas, and Bridge Street Town Centre in Huntsville, Alabama.

Pinecrest, a high-profile retail hub in Cleveland’s affluent eastern corridor, is anchored by Whole Foods Market and features a curated selection of national, regional, and local retailers, including Alo Yoga, Untuckit, Madewell, Sephora, Warby Parker, Nike, and more. Beyond its retail offerings, the acquisition includes Pinecrest’s upscale residential and office components. 

The acquisition was funded through 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.

“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.”