I love the view around here, Tanger (NYSE:SKT) acquires Ohio lifestyle center for $60 million

Tanger (NYSE:SKT) acquired The Town Center at Levis Commons, a 300,000-square-foot open-air lifestyle center in the Perrysburg submarket of Toledo, Ohio, for approximately $60 million. The company funded the purchase using cash on hand and available liquidity.

The acquisition represents the fourth full-price lifestyle center in Tanger’s portfolio, following recent purchases of similar properties in Ohio, Arkansas, and Alabama. Management expects the center to deliver a first-year return of approximately 8.5 percent.

The Town Center at Levis Commons operates at 97 percent occupancy and houses retailers including Anthropologie, Sephora, Lululemon, Shake Shack, Starbucks, Athleta, and Cinemark. The property also includes brands new to Tanger’s national portfolio such as Drybar, Ethan Allen, and Arhaus.

The center sits within a 400-acre mixed-use development that includes shopping, dining, hotel, office, and residential components. The property benefits from proximity to the O-I Glass headquarters and Mercy Health – Perrysburg Hospital.