Tanger has purchased The Town Center at Levis Commons in Perrysburg, Ohio, extending its spree of property acquisitions over the past four years.
Tanger paid approximately $60 million in cash for The Town Center at Levis Commons, a 300,000-square-foot, open-air lifestyle shopping center spanning 35 acres.
Perrysburg is an affluent suburb of Toledo. The center, built in 2004, was developed and operated by Hill Partners Inc., a Charlotte, N.C.-based commercial real estate firm.
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“The center is in very good condition. It’s easy to shop with a great flow, and aesthetically, it’s beautiful. It will require minimal investment,” Stephen Yalof, president and chief executive officer of Tanger, told WWD.
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“But we are going to give it more of a national leasing push and continue to elevate the center’s merchandise mix. The center has been experiencing a lot of positive leasing momentum in the past few years,” Yalof said, pointing to the recent additions of Anthropologie, J.Crew, Lululemon, Shake Shack and other tenants.
The brands at The Town Center at Levis Commons are found in most Tanger centers.
Drybar, Arhaus, and Ethan Allen are among the tenants at The Town Center at Levis Commons which are not found in any of Tanger’s other properties, Yalof said. But that could change. He said the acquisition “gives Tanger a seat at the table with these retailers.”
Tanger expects the acquisition will give a first-year return of approximately 8.5 percent.
With the acquisition of The Town Center at Levis Commons, Tanger now has four open-air lifestyle centers in its portfolio, following the acquisition of Pinecrest in Cleveland in 2025, the Promenade at Chenal in Little Rock, Ark., in 2024, and Bridge Street Town Centre in Huntsville, Ala., in 2023. Since 2022, Tanger also added three outlet centers, including building and opening an outlet center in Nashville in October 2023. All told, Tanger’s portfolio includes 38 outlet centers and four open-air lifestyle centers.
Yalof said that shopping centers with open-air formats, “regardless of geography are really important to shoppers. At a lot of open-air centers, a customer is shopping for a particular use — a restaurant, a group fitness class, or a particular store.”
Asked if Tanger, a Greensboro, N.C.-based real estate investment trust, is seeking more property deals, Yalof replied, “We continue to be really active in the marketplace. We are only executing on things where we can add value.
“We have great access to capital. Our debt-to-EBITDA ratio is low, at sub 5 percent. We just refinanced our 2026 debt stack. We have no outstanding debt maturities in the near future and almost a billion dollars access to capital through cash on hand and credit lines…The transaction market is heating up. There are great opportunities out there.”
