Tanger has expanded its open-air retail holdings with the acquisition of The Town Center at Levis Commons, an approximately 300,000-square-foot lifestyle center in the Perrysburg submarket of Toledo, Ohio. The property is positioned within a larger mixed-use setting and is described as an open-air, market-dominant retail destination.
According to Tanger, the purchase adds a fourth full-price, market-dominant lifestyle center to the company’s portfolio. The buyer acquired The Town Center at Levis Commons for approximately $60 million, funding the transaction with cash on hand and existing liquidity rather than third-party debt disclosed in the announcement.
The Town Center at Levis Commons sits within a 400-acre master-planned community that incorporates a mix of uses, including shopping, dining, hotel, office, and residential components. The retail component acquired by Tanger forms part of this broader environment, positioning the center within a walkable district that combines commercial and residential activity.
Stephen Yalof, President and CEO of Tanger, said the acquisition of The Town Center at Levis Commons supports the company’s strategy of focusing on market-dominant, open-air retail destinations where Tanger believes there is room to enhance value over time. His comments underscore the firm’s emphasis on assets that already command strong positions in their trade areas.
Occupancy at The Town Center at Levis Commons is reported at 97 percent, with a diversified tenant roster spanning shopping, dining, and entertainment categories. Notable brands at the center include Anthropologie, Sephora, Lululemon, Shake Shack, Starbucks, Athleta, and Cinemark, reflecting a mix of specialty retail, food and beverage, and cinema offerings.
The high occupancy level and established tenant lineup indicate that the asset was acquired as a stabilized retail property within a larger mixed-use community. Within Tanger’s portfolio, the center is characterized as a full-price retail destination rather than an outlet center, distinguishing it from the company’s traditional outlet-focused holdings while maintaining an emphasis on open-air formats.
By adding The Town Center at Levis Commons, Tanger increases its exposure to lifestyle-oriented retail in a Midwest market, leveraging an existing cluster of national and regional tenants in a mature, multiuse environment. The transaction highlights continued investor interest in open-air retail centers that are integrated into larger mixed-use districts and supported by a broad range of complementary uses.
