Tanger Acquires 300 KSF Toledo-Area Retail Center
The open-air property is almost fully leased.
Tanger has acquired The Town Center at Levis Commons, a 300,000-square-foot, open-air lifestyle center in Perrysburg, Ohio, for about $60 million, using cash on hand and available liquidity.
The previous owner was Hill Partners, according to Yardi Matrix.
Tanger said in prepared remarks that it expects the property to deliver a first-year return of approximately 8.5 percent, with potential for additional growth over time.
The center is 97 percent occupied by a mix of shopping, dining and entertainment tenants, including Anthropologie, Sephora, Lululemon, Shake Shack, Starbucks, Athleta and Cinemark, which operates a 12-screen theater at the center. Some brands, including Drybar, Ethan Allen and Arhaus, are new to Tanger’s national portfolio.
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The 33-acre center is situated at the main entrance of J. Preston Levis Commons, a 400-acre, master-planned development with 600,000 square feet of medical and office space, more than 600 luxury residential units, senior living facilities and four hotels.
With this acquisition, Tanger now owns four open-air lifestyle retail centers, the others being Pinecrest in Cleveland, The Promenade at Chenal in Little Rock, Ark., and Bridge Street Town Centre in Huntsville, Ala.
Approaching stability
Aside from its sizable investments in open-air lifestyle centers, Tanger is best known for specializing in outlet centers. Last September, the company acquired the 690,000-square-foot Legends Outlets, an open-air outlet center in Kansas City, Kan., from Walton Street Capital for about $130 million.
In the aftermath of national chain failures—such as Rite Aid, Big Lots and Party City—the Toledo region’s retail space market is stabilizing, according to a year-end 2025 report from Reichle Klein Group. Net absorption ended the year slightly positive, after significant losses since 2024. Overall vacancy was 8.9 percent, and new construction was a modest 205,000 square feet.
Separately, the current range of cap rates for power centers—the closest available comparison—in the Toledo metro is 7.5 to 9 percent, according to a recent commentary by Marcus & Millichap affiliate Carrizales CRE. The brokerage also noted that the Perrysburg submarket is among the strongest in the Toledo region.
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