Tanger closes on sale of five centers

Tanger Factory Outlet Centers has closed on the sale of five non-core outlet centers for a total cash sales price of $150.7 million.



The five properties sold are located in Barstow, California; Kittery, Maine (two properties); Tuscola, Illinois; and West Branch, Michigan.



“These centers have an average age of approximately 24 years, compared to our remaining portfolio average of 16 years. Because of the potential upcoming capital expenditures necessary to enhance these centers, as well as changes within each market, we no longer felt these assets could produce the growth in long-term internal cash flow and tenant sales that we are expecting within our core portfolio. While the Barstow center is performing at a very high level today, it was an outlier in our portfolio given its relatively small size and exceptionally high reliance on foreign tourism," said Steven B. Tanger, president and CEO.



Tanger Factory Outlet Centers is a publicly traded REIT headquartered in Greensboro, North Carolina, that presently operates and owns, or has an ownership interest in, a portfolio of 42 upscale outlet shopping centers in 21 states coast to coast and in Canada, totaling approximately 14.1 million square feet leased to over 3,000 stores.