Tanger has acquired The Town Center at Levis Commons, a 300,000-square-foot open-air lifestyle center in the Toledo suburb of Perrysburg, Ohio, for about $60 million. The company funded the purchase with cash on hand and available liquidity and said it expects a first-year return of roughly 8.5%.
The asset is 97% occupied and sits inside a 400-acre mixed-use district that combines retail, dining, office, hotel, and residential uses. Its tenant roster includes Anthropologie, Sephora, Lululemon, Athleta, Shake Shack, Starbucks, and Cinemark. For Tanger, that matters because Levis Commons extends a deliberate shift away from a pure outlet model toward full-price, open-air centers with stronger daily traffic patterns and a broader customer base.
This is now Tanger’s fourth lifestyle center, following acquisitions in Huntsville, Little Rock, and Cleveland. The sequence suggests more than opportunistic buying. It points to portfolio redesign. Outlet centers remain vulnerable to tourism swings, brand inventory cycles, and discretionary spending pullbacks. Mixed-use lifestyle assets in affluent suburban nodes offer a different earnings profile, anchored by food, entertainment, services, and routine visits rather than destination bargain hunting alone.
Price discipline is part of the story. At $60 million, Tanger is buying a stabilized property at a size that is meaningful but not balance-sheet stretching. An 8.5% projected first-year return is also well above what many institutional buyers accepted for comparable open-air assets during the low-rate era. In a market where financing costs still punish overpaying, that spread gives Tanger room to invest in leasing and merchandising without depending on aggressive cap-rate compression to make the math work.
The deal also lands in a thin transaction market. Acquire.fyi data shows just three retail deals have been announced year to date through May 28, down 84.2% from a year earlier. That scarcity has favored buyers with liquidity, especially public REITs that can move on smaller assets overlooked by larger private equity funds.
Expect competitors to keep hunting similar properties in secondary and tertiary growth markets. Open-air retail has become one of the few corners of commercial real estate where occupancy, pricing power, and consumer relevance still line up.
Source: Company press release and Acquire.fyi's proprietary data
