Tanger Acquires The Town Center at Levis Commons in Toledo, Ohio
Located in the growing, affluent Perrysburg submarket, the premier shopping destination is the fourth full-price, open-air lifestyle destination in Tanger's portfolio
Tanger® (NYSE:SKT), a leading owner and operator of outlet and other open-air retail shopping destinations, has acquired The Town Center at Levis Commons, a 300,000-square-foot, open-air lifestyle center located in a vibrant, mixed-use district in the Perrysburg submarket of Toledo, Ohio. This transaction adds a fourth full-price, market-dominant lifestyle center to Tanger's portfolio, as the company continues to execute its external growth strategy.
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Tanger has acquired The Town Center at Levis Commons, a 300,000-square-foot, open-air lifestyle center located in a vibrant, mixed-use district in the Perrysburg submarket of Toledo, Ohio.
Tanger acquired The Town Center at Levis Commons for approximately $60 million, using cash on hand and available liquidity. Management expects the center to deliver a first-year return of approximately 8.5 percent, with potential for additional growth over time.
"The acquisition of The Town Center at Levis Commons reflects our continued focus on adding market dominant, open-air retail destinations where we see meaningful opportunity to grow value," said Stephen Yalof, President and CEO of Tanger. "The Perrysburg submarket is one of Ohio's most desirable communities for families, professionals, and business development, supporting a rapidly growing, affluent customer base.
"As the point of entry for leading national retailers eager to connect with this dynamic market, Levis Commons has recently introduced multiple new, sought-after brands and dining options that are driving traffic and sales growth," Yalof continued. "We look forward to strategically applying our leasing, marketing, and operating platforms to further enhance the customer experience, in order to accelerate growth."
One of Northwest Ohio's premier shopping destinations, The Town Center at Levis Commons is 97 percent occupied by an appealing and diverse mix of shopping, dining, and entertainment uses. Among these are Anthropologie, Sephora, Lululemon, Shake Shack, Starbucks, Athleta, and Cinemark, as well as brands that are new to Tanger's national portfolio, including Drybar, Ethan Allen, and Arhaus.
The Town Center at Levis Commons is part of a 400-acre live-work-play community that houses shopping, dining, hotel, office, and residential components. The first project of its kind in Northwest Ohio, Levis Commons attracts visitors from a wide trade area due to its unique environment and mix of in-demand stores. The project also benefits from nearby corporate and medical development, including the adjacent headquarters of O-I Glass, a world leader in glass packaging production, and the Mercy Health - Perrysburg Hospital, part of one of the largest health systems and employers in Ohio.
The Perrysburg submarket has strong economic fundamentals and high quality-of-life dynamics, including top-rated schools, desirable neighborhoods, strong manufacturing and medical industry growth, and family-friendly amenities and activities. Perrysburg also attracts sustained investment and development activity due to its proximity to major interstate thoroughfares, multiple colleges and universities, and Greater Toledo's industrial and healthcare hubs.
With the acquisition of The Town Center at Levis Commons, Tanger now has four open-air lifestyle retail centers in its portfolio, following the acquisition of Pinecrest in Cleveland, Ohio, in February 2025; The Promenade at Chenal in Little Rock, Arkansas, in December 2024; and Bridge Street Town Centre in Huntsville, Alabama, in late 2023.
For more information, please visit our investor website at investors.tanger.inc or visit https://www.tanger.inc/our-properties/locations/leviscommons.
About Tanger®
Tanger Inc. (NYSE:SKT) is a leading owner and operator of outlet and other open-air retail shopping destinations, with 45 years of expertise in the retail and outlet shopping industries. Tanger's portfolio of 38 outlet centers and four open-air lifestyle centers includes nearly 17 million square feet well positioned across tourist destinations and vibrant markets in 22 U.S. states and Canada. A publicly traded REIT since 1993, Tanger continues to innovate the retail experience for its shoppers with over 3,000 stores operated by more than 800 different brand name companies. For more information on Tanger, call 1-800-4TANGER or visit tanger.inc.
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