ORANGE VILLAGE, Ohio — A company best known for its outlet malls has purchased Pinecrest, a higher-end, mixed-use shopping center on the East Side.
Tanger announced early Thursday that it paid $167 million for Pinecrest, a 640,000-square-foot center that includes Whole Foods, REI and Silverspot Cinemas. The purchase is part of Tanger’s foray into full-priced retail after four decades of focusing on discounts.
The sale won’t change things much for shoppers. But it brings a national landlord – a publicly traded company with strong name recognition – to Orange Village.
“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, Tanger’s president and CEO, said in a news release.
The sale included the apartments and offices at Pinecrest, in addition to stores, restaurants and parking. The AC Hotel on the property wasn’t part of the deal.
Pinecrest opened in 2018 with promises of bringing new retailers to Cleveland’s eastern suburbs.
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A New York-based lender and investor took over the property in 2020 as shopping centers nationwide struggled with the fallout from the Covid-19 pandemic.
Fairmount Properties, part of the original development team, has stayed involved as the center’s operator. On Thursday, Fairmount Principal Adam Fishman said his company is “delighted” about the Tanger deal.
“(We) think they are precisely the right company to continue to move this wonderful property to the next level,” Fishman wrote in a text message. “Fairmount Properties looks forward to supporting Tanger at Pinecrest.”
Mayor Jud Kline was surprised at first when he heard about the potential sale. An architect who has worked on retail projects, Kline is familiar with Tanger, which is based in Greensboro, North Carolina, and owns 38 outlet centers.
“I was a little taken aback, because it didn’t seem to me that this was part of their portfolio,” Kline said during a phone call early Thursday. “After having conversations directly with their CEO and president, I feel very comfortable with what they’re doing.”
He expects Tanger to build on what’s already there at Pinecrest, which is home to a mix of local, regional and national stores and restaurants.
“I think that their addition to the Orange Village community, in the long run, will be a valuable resource to have,” Kline said of the new landlord. “They bring a reach to resources that will help to enhance the development – and they are committed to do so.”
Pinecrest is the third full-priced shopping center that Tanger has purchased since late 2023. The company owns similar properties in Arkansas and Alabama.
The Pinecrest name won’t change, and Tanger doesn’t plan to add outlet stores to the tenant mix. Shoppers will not be able to use Tanger Outlets gift cards or the company's membership program at Pinecrest.
