Tanger Acquires Market-Dominant Retail and Mixed-Use District in Cleveland, Ohio
Tanger (NYSE: SKT) has acquired Pinecrest, a 640,000-square-foot open-air, mixed-use center in Cleveland, Ohio, for approximately $167 million. The acquisition was funded using cash on hand and available liquidity, with management estimating an 8% return in the first year.
Pinecrest, opened in 2018, is anchored by Whole Foods Market and features a mix of national retailers including Alo Yoga, UNTUCKit, Madewell, Sephora, Nike, and others. The property includes retail, dining, entertainment, residential, and office components, with an AC Hotel under separate ownership.
This marks Tanger's third full-price, market-dominant shopping center acquisition, following The Promenade at Chenal in Little Rock and Bridge Street Town Centre in Huntsville. Located in Cleveland's affluent eastern corridor, Pinecrest serves as the sole market presence for many popular brands in the region.
Tanger (NYSE: SKT) ha acquisito Pinecrest, un centro commerciale all'aperto e a uso misto di 640.000 piedi quadrati a Cleveland, Ohio, per circa 167 milioni di dollari. L'acquisizione è stata finanziata utilizzando liquidità disponibile e fondi a disposizione, con la direzione che stima un 8% di rendimento nel primo anno.
Pinecrest, aperto nel 2018, è ancorato da Whole Foods Market e presenta una selezione di rivenditori nazionali tra cui Alo Yoga, UNTUCKit, Madewell, Sephora, Nike e altri. La proprietà comprende componenti commerciali, ristorazione, intrattenimento, residenziale e uffici, con un hotel AC di proprietà separata.
Questo segna il terzo acquisto di un centro commerciale a prezzo pieno e di mercato dominante da parte di Tanger, dopo The Promenade at Chenal a Little Rock e Bridge Street Town Centre a Huntsville. Situato nel ricco corridoio orientale di Cleveland, Pinecrest funge da unica presenza di mercato per molti marchi popolari nella regione.
Tanger (NYSE: SKT) ha adquirido Pinecrest, un centro comercial al aire libre y de uso mixto de 640,000 pies cuadrados en Cleveland, Ohio, por aproximadamente 167 millones de dólares. La adquisición se financió utilizando efectivo disponible y liquidez, con la dirección estimando un 8% de retorno en el primer año.
Pinecrest, inaugurado en 2018, está anclado por Whole Foods Market y cuenta con una mezcla de minoristas nacionales como Alo Yoga, UNTUCKit, Madewell, Sephora, Nike y otros. La propiedad incluye componentes de retail, restauración, entretenimiento, residencial y oficinas, con un hotel AC bajo propiedad separada.
Este es el tercer centro comercial de precio completo y dominante en el mercado que adquiere Tanger, después de The Promenade at Chenal en Little Rock y Bridge Street Town Centre en Huntsville. Ubicado en el rico corredor este de Cleveland, Pinecrest sirve como la única presencia de mercado para muchas marcas populares en la región.
탱거 (NYSE: SKT)가 오하이오주 클리블랜드에 있는 640,000평방피트 규모의 복합 용도 개방형 센터인 파인크레스트를 약 1억 6,700만 달러에 인수했습니다. 이번 인수는 보유 현금과 가용 유동성을 이용해 자금을 조달했으며, 경영진은 첫 해에 8%의 수익률을 예상하고 있습니다.
2018년에 개장한 파인크레스트는 홀푸드 마켓이 입점해 있으며, 알로 요가, 언턱킷, 메이드웰, 세포라, 나이키 등 여러 유명 브랜드의 소매점이 혼합되어 있습니다. 이 부동산은 소매, 식사, 오락, 주거 및 사무실 구성 요소를 포함하며, 별도의 소유권 아래 AC 호텔이 있습니다.
이번 인수는 탱거가 리틀 록의 더 프로미네이드 앳 체날과 헌츠빌의 브리지 스트리트 타운 센터에 이어 세 번째로 가격이 정해진 시장 지배적인 쇼핑 센터를 인수한 것입니다. 클리블랜드의 부유한 동부 회랑에 위치한 파인크레스트는 이 지역의 많은 인기 브랜드의 유일한 시장 존재로 기능합니다.
Tanger (NYSE: SKT) a acquis un centre commercial mixte en plein air de 640 000 pieds carrés nommé Pinecrest à Cleveland, Ohio, pour environ 167 millions de dollars. L'acquisition a été financée par des liquidités disponibles et une liquidité à disposition, la direction estimant un rendement de 8% pour la première année.
Pinecrest, ouvert en 2018, est ancré par Whole Foods Market et propose un mélange de détaillants nationaux tels qu'Alo Yoga, UNTUCKit, Madewell, Sephora, Nike, et d'autres. La propriété comprend des composantes de vente au détail, de restauration, de divertissement, de résidentiel et de bureaux, avec un hôtel AC sous propriété séparée.
Ceci marque la troisième acquisition par Tanger d'un centre commercial à prix plein et dominant sur le marché, après The Promenade at Chenal à Little Rock et Bridge Street Town Centre à Huntsville. Situé dans le corridor est aisé de Cleveland, Pinecrest sert de seule présence de marché pour de nombreuses marques populaires dans la région.
Tanger (NYSE: SKT) hat Pinecrest, ein 640.000 Quadratfuß großes Freiluft-Mischzentrum in Cleveland, Ohio, für etwa 167 Millionen Dollar erworben. Die Akquisition wurde mit liquiden Mitteln und verfügbaren Liquiditätsreserven finanziert, wobei das Management eine 8%ige Rendite im ersten Jahr schätzt.
Pinecrest, das 2018 eröffnet wurde, wird von Whole Foods Market angeführt und bietet eine Mischung aus nationalen Einzelhändlern wie Alo Yoga, UNTUCKit, Madewell, Sephora, Nike und anderen. Die Immobilie umfasst Einzelhandel, Gastronomie, Unterhaltung, Wohnen und Büros, mit einem AC Hotel unter separater Eigentümerschaft.
Dies ist die dritte Akquisition eines vollwertigen, marktbeherrschenden Einkaufszentrums durch Tanger, nach The Promenade at Chenal in Little Rock und Bridge Street Town Centre in Huntsville. Gelegen im wohlhabenden östlichen Korridor von Cleveland, dient Pinecrest als einzige Marktpräsenz für viele beliebte Marken in der Region.
- Estimated 8% return in first year with potential for additional growth
- Strategic expansion into full-price retail space with market-dominant property
- Diversified tenant mix including premium retailers and Whole Foods anchor
- Multiple revenue streams from retail, residential, and office components
- Prime location in affluent eastern Cleveland corridor
- Significant cash outlay of $167 million impacting liquidity
- Dependency on maintaining high-end tenant mix in competitive retail market
Insights
This strategic acquisition marks a significant evolution in Tanger's business model, representing a calculated pivot from their traditional outlet-focused portfolio. The
The projected
The property's tenant mix is strategically crafted to capture the affluent demographic, with a Whole Foods anchor and premium retailers like Alo Yoga and Williams-Sonoma. The inclusion of exclusive-to-market retailers creates a competitive moat, while the mixed-use components (residential, office, and hotel) generate consistent foot traffic and create multiple revenue streams that can help buffer against retail sector volatility.
The integration of Pinecrest into Tanger's portfolio reflects a broader industry trend toward experiential retail destinations. The property's 2018 vintage means minimal near-term capital expenditure requirements, while its location in Cleveland's affluent eastern corridor provides demographic tailwinds that support premium retail performance.
This acquisition, following similar moves in Little Rock and Huntsville, indicates Tanger's systematic approach to portfolio diversification and market expansion. The company's strategy of targeting dominant retail centers in secondary markets with strong demographics suggests a thoughtful approach to risk-adjusted returns while building a more resilient revenue base.
Pinecrest, located in Cleveland’s affluent eastern corridor, becomes the third full-price, open-air lifestyle destination in Tanger’s portfolio
Tanger has acquired Pinecrest, a 640,000-square-foot open-air, grocery-anchored, mixed-use center in one of the most desirable submarkets of
Tanger acquired Pinecrest for approximately
“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
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
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Source: Tanger
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