Looking north from Harvard Road at Interstate 271, the 640,000-square-foot Pinecrest lifestyle center in Orange draws business primarily from the affluent eastern suburbs of Greater Cleveland (Tanger). CLICK IMAGES TO ENLARGE THEM.
Tanger pays $167M for lifestyle center in Orange
Tanger, a publicly traded owner and operator of outlet and open-air retail shopping centers, has acquired Pinecrest, a 640,000-square-foot open-air, grocery-anchored, mixed-use center at Harvard Road and Interstate 271 in Greater Cleveland’s eastern suburb of Orange Village.
Pinecrest is Tanger’s third full-price, market-dominant shopping center, following its acquisition of The Promenade at Chenal in Little Rock, AR in December 2024 and Bridge Street Town Centre in Huntsville, AL in late 2023, company officials said today in a press release.
Based in Greensboro, NC, Tanger acquired Pinecrest for $167 million, using cash on hand and available liquidity. The company’s management estimates the center to deliver an 8 percent return during the first year, with potential for additional growth over time.
In October 2020, during the depths of the pandemic, the ownership of Pinecrest was turned over to an affiliate of its lender, New York City-based Square Mile Capital Management, through a deed transfer in lieu of foreclosure, according to Cuyahoga County property records.
Pinecrest’s main entrance is at the south end, near Harvard Road, where the REI Co-op and Whole Foods Market are located (Tanger).
“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, in a written statement.
“With exclusive-to-market and sought-after shopping, dining, and entertainment, Pinecrest offers a distinctive atmosphere that resonates with the discerning local community,” Yalof added. “We look forward to applying our leasing, marketing, and operating platforms to further elevate the exceptional experience Pinecrest offers our guests and tenants.”
Located in Cleveland’s affluent eastern corridor, Pinecrest opened in 2018 as Northeast Ohio’s premier retail and entertainment destination and has become the go-to choice for retailers seeking market entry, making it the sole market presence for many popular brands.
Anchored by Whole Foods Market, Pinecrest boasts a curated mix of top national, regional, and local retailers, including Alo Yoga, UNTUCKit, Madewell, Sephora, Warby Parker, Indochino, Williams-Sonoma, Pottery Barn, REI, Nike and more.
Nearly two dozen retail and restaurant tenants call Pinecrest home along with residential, office and hotel uses (Tanger).
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 – all located 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, which is the shopping destination of choice for residents across the thriving eastern Cleveland submarket.
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