Tanger, a company known primarily for its outlet malls, has taken a step into the full-price retail sector with a purchase of Pinecrest, a mixed-use upscale shopping center located in Orange Village, Ohio. The deal, which closed for a reported $167 million, signals Tanger's third acquisition in this market segment within the past year, according to WKYC. Pinecrest spans 640,000 square feet and comes with a strong tenant lineup that features Whole Foods Market, Alo Yoga, Madewell, Nike, Sephora, and Warby Parker.

Despite Tanger’s historical focus on discount shopping experiences, this new acquisition marks a commitment to maintaining Pinecrest's upscale ambiance. "This acquisition continues our growth strategy and expansion in the full-price retail space, with another market-leading town center destination," President and CEO Stephen Yalof stated, as per an interview with WKYC. Yalof emphasized the goal of applying Tanger’s leasing, marketing, and operating expertise to enhance the Pinecrest experience for guests and tenants alike.

Opened in 2018, Pinecrest has quickly established itself as a premier retail and entertainment destination in Northeast Ohio. Its accessible location off I-271 has made it a hot spot for shoppers across the region. Dining and entertainment options such as Shake Shack, Silverspot Cinema, and Kitchen Social complement the retail offerings, creating a comprehensive visitor experience. Tanger's acquisition also encompasses the residential and office components of Pinecrest, as reported by News 5 Cleveland, although the AC Hotel on the property remains separately owned.

Local shoppers should not anticipate immediate changes; Pinecrest is set to operate under the continued guise of an upscale retail destination. "We look forward to applying our leasing, marketing and operating platforms to further elevate the exceptional experience Pinecrest offers our guests and tenants," Stephen Yalof told News 5 Cleveland. The Tanger team appears excited to integrate into the Cleveland community and ensures that patrons can continue to enjoy the center's offerings.

As Tanger embarks on this new venture, the impact of this national, well-recognized landlord’s entrance into the Orange Village market is yet to be fully seen. However, the commitment to preserving Pinecrest's character suggests a seamless transition for consumers. Additional insights into this acquisition can be found on Cleveland19.