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Tanger Acquires Market-Dominant Retail and Mixed-Use District in Cleveland, Ohio

By: via Business Wire

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250213119076/en/

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 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.

Tanger continues its growth strategy and expansion in the full-price retail space with the acquisition of Pinecrest in Cleveland, Ohio---the company's third market-leading, open-air lifestyle destination.

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