Tanger Pays $167M for Open-Air Shopping Center

Major outlet center owner Tanger has acquired another high-end shopping center. The 640,000-square-foot Pinecrest Mall is an open-air, grocery-anchored, mixed-use property in Orange, Ohio, part of Cleveland’s affluent eastern corridor. The $167 million purchase also included the asset’s residential and office components.

Such developments continue to gain popularity across the country, according to Michael Romer, co-managing partner at Romer Debbas.

“This is yet another example of the growing live-work-play trend in commercial real estate,” Romer told Commercial Property Executive. “With a housing shortage nationally, pairing shopping, dining and entertainment together with residential is a smart play on numerous fronts.”

“Open-air shopping has led the charge in the recent comeback of brick-and-mortar shopping, with recent foot traffic on par with prepandemic numbers,” added Rick Strauss, principal with Odyssey.

A Whole Foods Market anchors Pinecrest, alongside retailers Alo Yoga, UNTUCKit, Madewell, Sephora, Warby Parker, Indochino, Williams-Sonoma, Pottery Barn, REI, Nike and several others. Dining choices include Shake Shack, Kitchen Social, First Watch, Firebirds Wood Fired Grill, Silverspot Cinema and Pinstripes.

Tanger’s buying spree; open-air heats up

Over the past 16 months or so, Tanger also acquired The Promenade at Chenal in Little Rock, Ark., and Bridge Street Town Centre in Huntsville, Ala.

In October, Tanger Outlets Nashville opened, featuring 60 stores across seven buildings. The 290,000-square-foot, open-air shopping center in southeast Nashville was 97 percent leased at that time.

In August, CTO Realty Growth bought Carolina Pavilion in Charlotte, N.C., Millenia Crossing in Orlando, Fla., and Lake Brandon Village in Tampa, Fla. The three open-air shopping centers totaling some 1.2 million square feet sold for $137.5 million.