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Tanger, a number one proprietor and operator of outlet and open-air retail buying locations, introduced the acquisition of The Town Center at Levis Commons, a 300,000-square-foot open-air way of life middle positioned within the Perrysburg submarket of Toledo, Ohio.
The acquisition, valued at roughly $60 million, provides a fourth full-price, market-dominant way of life middle to Tanger’s portfolio as the corporate continues executing its exterior development technique. The transaction was funded utilizing money readily available and out there liquidity. Management expects the property to generate a first-year return of roughly 8.5%, with alternatives for extra development over time.
Located inside a 400-acre mixed-use group, The Town Center at Levis Commons serves as one in every of Northwest Ohio’s premier buying locations. The middle is presently 97% occupied and incorporates a various mixture of retail, eating, and leisure tenants, together with Anthropologie, Sephora, Lululemon, Shake Shack, Starbucks, Athleta, and Cinemark. The property additionally introduces a number of manufacturers which are new to Tanger’s portfolio, together with Drybar, Ethan Allen, and Arhaus.
The middle advantages from its location within the prosperous and rising Perrysburg submarket, which is supported by sturdy manufacturing and healthcare sectors, extremely rated faculties, and continued residential and business improvement. The property can be adjoining to main employers and establishments, together with the headquarters of O-I Glass and Mercy Health-Perrysburg Hospital.
The acquisition follows Tanger’s latest enlargement into the approach to life middle class via the purchases of Pinecrest in Cleveland, Ohio, in February 2025, The Promenade at Chenal in Little Rock, Arkansas, in December 2024, and Bridge Street Town Centre in Huntsville, Alabama, in late 2023.
KEY QUOTES:
“The acquisition of The Town Center at Levis Commons displays our continued give attention to including market dominant, open-air retail locations the place we see significant alternative to develop worth. The Perrysburg submarket is one in every of Ohio’s most fascinating communities for households, professionals, and enterprise improvement, supporting a quickly rising, prosperous buyer base.
As the purpose of entry for main nationwide retailers keen to attach with this dynamic market, Levis Commons has not too long ago launched a number of new, sought-after manufacturers and eating choices which are driving site visitors and gross sales development. We stay up for strategically making use of our leasing, advertising and marketing, and working platforms to additional improve the client expertise, as a way to speed up development.”
Stephen Yalof, President and CEO, Tanger
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