Tanger, a leading owner and operator of outlet and open-air retail shopping destinations, announced it 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.
Tanger acquired Pinecrest for about $167 million, using cash on hand and available liquidity. Management estimates the center will deliver an eight percent return during the first year and have the potential for additional growth over time.
Based 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 features 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 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. And 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.
KEY QUOTE:
“This acquisition continues our growth strategy and expansion in the full-price retail space, with another market-leading town center destination. 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.”
– Stephen Yalof, President and CEO of Tanger
