Photo courtesy of Tanger.
Tanger Outlets has expanded its portfolio to 38th centers via an acquisition.
The company has acquired Asheville Outlets in Asheville , N.C., as part of its growth strategy in an all-cash, off-market transaction of $70 million. It is Tanger's second outlet center in North Carolina, and the second fully-owned addition to Tanger's portfolio this quarter, following the grand opening of Tanger Outlets Nashville in Tennessee last month.
The 382,000-sq.-ft. Asheville Outlets has a 95% occupancy rate. Anchored by Sportsman’s Sarehouse and Dillard’s Clearance center, its tenant mix of 70 stores includes Nike, Under Armour, American Eagle, Coach and J.Crew. In line with Tanger’s current initiative to add home goods brands to its tenant lineups in certain locations, Ashville Outlets also houses West Elm, Crate & Barrel and Le Creuset.
“A lot of our centers are in tourism locations in the Southeast, but they’re also places where people live, work and dine," Tanger’s executive VP of leasing Justin Stein told Chain Store Age earlier this year. "So we set out on a diversification strategy and the number of home goods retailers in our centers has skyrocketed."
Tanger will officially transition the center to Tanger Outlets Asheville in early January 2024. The company expects its newest shopping center to deliver a first-year return in the mid-eight-percent range, with potential for additional growth over time.