{"id":1004747158,"date":"2025-02-14T03:54:34","date_gmt":"2025-02-14T11:54:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004747158"},"modified":"2025-02-14T07:09:12","modified_gmt":"2025-02-14T15:09:12","slug":"tanger-pays-167m-for-open-air-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tanger-pays-167m-for-open-air-shopping-center\/","title":{"rendered":"Tanger Pays $167M for Open-Air Shopping Center"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"Outside<\/a>
Pinecrest is a prime upscale destination and the only market presence for several brands, including Alo Yoga, UNTUCKit, Madewell, Indochino, Williams-Sonoma, Pottery Barn and REI. Image courtesy of Tanger<\/em><\/figcaption><\/figure><\/div>\n\n\n

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.<\/p>\n\n\n\n

Such developments continue to gain popularity across the country, according to Michael Romer, co-managing partner at Romer Debbas.<\/p>\n\n\n\n

\u201cThis is yet another example of the growing live-work-play trend in commercial real estate,” Romer told Commercial Property Executive<\/em>. “With a housing shortage nationally, pairing shopping, dining and entertainment together with residential is a smart play on numerous fronts.\u201d<\/p>\n\n\n\n

\u201cOpen-air shopping<\/a> has led the charge in the recent comeback of brick-and-mortar shopping, with recent foot traffic on par with prepandemic numbers,\u201d added Rick Strauss, principal with Odyssey.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Tanger’s buying spree; open-air heats up<\/h2>\n\n\n\n

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.<\/p>\n\n\n\n

In October, Tanger Outlets Nashville<\/a> 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.<\/p>\n\n\n\n

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<\/a> totaling some 1.2 million square feet sold for $137.5 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition also includes the mixed-use asset’s office and residential components.<\/p>\n","protected":false},"author":3568,"featured_media":1004747165,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21808,21783,13,21742,21749],"tags":[34613,36925,45047],"class_list":["post-1004747158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cleveland","category-featured","category-investment","category-midwest","category-latest","category-retail","tag-odyssey-real-estate-capital","tag-romer-debbas","tag-tanger-outlets"],"acf":[],"yoast_head":"\nTanger Pays $167M for Open-Air Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Tanger has acquired the 640,000-square-foot Pinecrest Mall, an open-air, mixed-use center in Orange, Ohio, in metro Cleveland.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tanger-pays-167m-for-open-air-shopping-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tanger Pays $167M for Open-Air Shopping Center\" \/>\n<meta property=\"og:description\" content=\"Tanger has acquired the 640,000-square-foot Pinecrest Mall, an open-air, mixed-use center in Orange, Ohio, in metro Cleveland.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tanger-pays-167m-for-open-air-shopping-center\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-14T11:54:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-14T15:09:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/02\/Pinecrest-retail-center-in-Cleveland-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"3666\" \/>\n\t<meta property=\"og:image:height\" content=\"2752\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Richard Berger\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tanger-pays-167m-for-open-air-shopping-center\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/tanger-pays-167m-for-open-air-shopping-center\/\",\"name\":\"Tanger Pays $167M for Open-Air Shopping Center - 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