Pinecrest, located in Cleveland’s affluent
eastern corridor, becomes the third full-price, open-air lifestyle
destination in Tanger’s portfolio
Tanger® (NYSE: SKT), a leading owner and operator of
outlet and open-air retail shopping destinations, has acquired
Pinecrest, a 640,000-square-foot open-air, grocery-anchored,
mixed-use center in one of the most desirable submarkets of
Cleveland, Ohio. Pinecrest is Tanger’s third full-price,
market-dominant shopping center, following its acquisition of The
Promenade at Chenal in Little Rock, Arkansas, in December 2024 and
Bridge Street Town Centre in Huntsville, Alabama, in late 2023.
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Tanger has acquired Pinecrest, a
640,000-square-foot open-air, grocery-anchored, mixed-use center in
one of the most desirable submarkets of Cleveland, Ohio. Photo
credit: Tanger
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.
“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.”
Located in Cleveland’s affluent eastern corridor, Pinecrest
opened in 2018 as Northeast Ohio’s premier retail and entertainment
destination and has become the go-to choice for retailers seeking
market entry, making it the sole market presence for many popular
brands. Anchored by Whole Foods Market, Pinecrest boasts a curated
mix of top national, regional, and local retailers, including Alo
Yoga, UNTUCKit, Madewell, Sephora, Warby Parker, Indochino,
Williams-Sonoma, Pottery Barn, REI, Nike, and more. These stores
are complemented by an expansive menu of entertainment and dining
options, such as Shake Shack, Kitchen Social, First Watch,
Firebirds Wood Fired Grill, Silverspot Cinema, and Pinstripes – all
located in an open-air, high-street setting.
Tanger’s acquisition of Pinecrest also includes the center’s
upscale onsite residential and office components, which support
center foot traffic and benefit from its sought-after suburban
location amid high-income neighborhoods and premium amenities. The
on-property AC Hotel, under separate ownership, also fosters the
live-work-play dynamic at the center, which is the shopping
destination of choice for residents across the thriving East
Cleveland submarket.
For more information, please see our investor website at
investors.tanger.com or visit tanger.com/cleveland.
About Tanger®
Tanger Inc. (NYSE: SKT) is a leading owner and operator of
outlet and open-air retail shopping destinations, with over 44
years of expertise in the retail and outlet shopping industries.
Tanger’s portfolio of 38 outlet centers, one adjacent managed
center, and three open-air lifestyle centers includes over 16
million square feet well positioned across tourist destinations and
vibrant markets in 21 U.S. states and Canada. A publicly traded
REIT since 1993, Tanger continues to innovate the retail experience
for its shoppers with over 3,000 stores operated by more than 700
different brand name companies. For more information on Tanger,
call 1-800-4TANGER or visit tanger.com.
Safe Harbor Statement
This release contains certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The Company intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements, which are based on certain
assumptions and describe the Company's future plans, strategies and
expectations, are generally identifiable by use of the words “look
forward,” “estimates,” “potential for,” "believe," "expect,"
"intend," "anticipate," or similar expressions.
These forward-looking statements are based upon the beliefs and
expectations of management at the time of this release. You should
not rely on forward-looking statements since they involve known and
unknown risks and uncertainties which could cause actual results to
differ materially from those presented in the forward-looking
statements. Please refer to the documents filed by the Company with
the SEC, including specifically the "Risk Factors" sections of the
Company's Annual Report on Form 10-K for the year ended December
31, 2024, and the Company's other filings with the SEC, which
identify additional factors that could cause actual results to
differ from those contained in forward-looking statements. The
Company does not undertake any obligation to update these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20250213119076/en/
Media Contact Kasie Wilson
KWT Global Tanger@kwtglobal.com
Investor Relations Contact
Doug McDonald SVP, Treasurer and Investments (336) 856-6066
TangerIR@tanger.com
Tanger (NYSE:SKT)
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