In a continuance of its expansion beyond outlet centers, Tanger, an 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 a Cleveland submarket, for approximately $167 million.
Pinecrest is Tanger’s third full-price shopping center, following its acquisition of The Promenade at Chenal in Little Rock, Ark., in December 2024 and Bridge Street Town Centre in Huntsville, Ala., in late 2023.
“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.”
Pinecrest opened in 2018 and has become a frequent choice for retailers seeking market entry, making it the sole market presence for many popular brands. Anchored by Whole Foods Market, Pinecrest’s mix also includes 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 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.
Anchored by Whole Foods Market, Pinecrest in Cleveland, Ohio, offers a curated mix of top national, regional, and local retailers and a wide array of entertainment and dining options in an open-air, high-street setting. Photo credit: Tanger
