The company has acquired Asheville Outlets in Asheville, North Carolina, as part of its growth strategy in an all-cash, off-market transaction of $70M.
It is Tanger’s second outlet centre 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 382,000sq ft Asheville Outlets has a 95 per cent occupancy rate. Anchored by Sportsman’s Sarehouse and Dillard’s Clearance centre, 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 line-ups in certain locations, Ashville Outlets also houses West Elm, Crate & Barrel and Le Creuset.
“A lot of our centres 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 centres has skyrocketed.”