Tanger, a leading owner and operator of outlet and open-air retail shopping destinations, announced the acquisition of The Town Center at Levis Commons, a 300,000-square-foot open-air lifestyle center located in the Perrysburg submarket of Toledo, Ohio.
The acquisition, valued at approximately $60 million, adds a fourth full-price, market-dominant lifestyle center to Tanger’s portfolio as the company continues executing its external growth strategy. The transaction was funded using cash on hand and available liquidity. Management expects the property to generate a first-year return of approximately 8.5%, with opportunities for additional growth over time.
Located within a 400-acre mixed-use community, The Town Center at Levis Commons serves as one of Northwest Ohio’s premier shopping destinations. The center is currently 97% occupied and features a diverse mix of retail, dining, and entertainment tenants, including Anthropologie, Sephora, Lululemon, Shake Shack, Starbucks, Athleta, and Cinemark. The property also introduces several brands that are new to Tanger’s portfolio, including Drybar, Ethan Allen, and Arhaus.
The center benefits from its location in the affluent and growing Perrysburg submarket, which is supported by strong manufacturing and healthcare sectors, highly rated schools, and continued residential and commercial development. The property is also adjacent to major employers and institutions, including the headquarters of O-I Glass and Mercy Health-Perrysburg Hospital.
The acquisition follows Tanger’s recent expansion into the lifestyle center category through the purchases of Pinecrest in Cleveland, Ohio, in February 2025, The Promenade at Chenal in Little Rock, Arkansas, in December 2024, and Bridge Street Town Centre in Huntsville, Alabama, in late 2023.
KEY QUOTES:
“The acquisition of The Town Center at Levis Commons reflects our continued focus on adding market dominant, open-air retail destinations where we see meaningful opportunity to grow value. The Perrysburg submarket is one of Ohio’s most desirable communities for families, professionals, and business development, supporting a rapidly growing, affluent customer base.
As the point of entry for leading national retailers eager to connect with this dynamic market, Levis Commons has recently introduced multiple new, sought-after brands and dining options that are driving traffic and sales growth. We look forward to strategically applying our leasing, marketing, and operating platforms to further enhance the customer experience, in order to accelerate growth.”
Stephen Yalof, President and CEO, Tanger
