Tanger acquires Pinecrest for $167M

Tanger (SKT) has acquired Pinecrest, a 640,000-square-foot open-air, grocery-anchored, mixed-use center in a submarket of Cleveland, Ohio. Tanger acquired Pinecrest for approximately $167M, using cash on hand and available liquidity. Management estimates the center to deliver an eight percent return during the first year, with potential for additional growth over time.