Tanger acquires Cleveland’s Pinecrest Mall

Tanger, the 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 centre in Cleveland, Ohio for approximately 167 million US dollars.

Pinecrest, located in Cleveland’s affluent eastern corridor, becomes the third full-price, open-air lifestyle destination in Tanger’s portfolio, 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 management estimates that the Pinecrest centre will deliver an 8 percent return during the first year, with “potential for additional growth over time”.

Stephen Yalof, president and chief executive of Tanger, said in a statement: “This acquisition continues our growth strategy and expansion in the full-price retail space, with another market-leading town centre 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.”

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. It is anchored by Whole Foods Market and counts Alo Yoga, UnTuckit, Madewell, Sephora, Warby Parker, Indochino, Williams-Sonoma, Pottery Barn, REI, and Nike among its tenants.

These stores are complemented by entertainment and dining options, including Shake Shack, Kitchen Social, First Watch, Firebirds Wood Fired Grill, Silverspot Cinema, and Pinstripes.

The purchase also includes the centre’s upscale onsite residential and office components, which support the centre’s foot traffic. There is also an AC Hotel on the site, which is under separate ownership.

Tanger has a portfolio of 38 outlet centres, one adjacent managed centre, and three open-air lifestyle centres with over 16 million square feet well positioned across tourist destinations and vibrant markets in 21 US states and Canada.