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Tanger Acquires The Town Center At Levis Commons For $60 Million, Expands Open-Air Lifestyle Center Portfolio

Tanger acquired The Town Center at Levis Commons in Perrysburg, Ohio for about $60 million, expanding its lifestyle-center portfolio.
The Town Center at Levis Commons is a 300,000-square-foot open-air center located in Perrysburg, adjacent to O-I Glass and Mercy Health-Perrysburg Hospital.
The center currently sits at about 97% occupancy with tenants such as Anthropologie, Sephora, Lululemon, Shake Shack, Starbucks, Athleta, and Cinemark.
The acquisition is funded with cash on hand and available liquidity as part of Tanger’s growth strategy.
Tanger sees Levis Commons as a strategic entry point for leading national retailers in a growing market.
Tanger has expanded into the lifestyle center category with prior purchases in Pinecrest, The Promenade at Chenal, and Bridge Street Town Centre.
Tanger expects a first-year return of about 8.5% from the Levis Commons acquisition.
The Town Center at Levis Commons is in the Perrysburg submarket of Toledo, Ohio, near major employers.
Levis Commons has recently attracted new brands and dining options to drive traffic.
The deal marks a continued external growth strategy for Tanger in the open-air retail sector.

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