Tanger Factory Outlet Centers, Inc. sells outlet centers to unknown buyer.
In a fairly surprising move that closed earlier this month, Tanger Factory Outlet Centers, Inc. sold five outlet centers from its portfolio. The majority of them—two locations in Maine, one in Illinois, and one in Michigan—sold for $44 million in total, or just $11 million each. The more surprising sale, though, is the $106.7 million sale of its successful Barstow outlet center.
The buyer has not yet been disclosed. When the outlet center is called, the phones are now answered, “Thank you for calling Outlets at Barstow, formerly known as Tanger Outlets.”
Tanger released Barstow from its properties for two cited reasons. First, they said that its relatively small size makes it an outlier in their portfolio. Second, they saw challenges with the high levels of foreign tourism on which the location relies. Barstow’s outlet employees have reportedly been learning Mandarin, Japanese, and Korean in an effort to keep up with the demands of customers being shuttled on tour buses from Los Angeles and the San Gabriel Valley.
Tanger reported that it felt the upcoming expenses that would be necessary to maintain these five properties, including Barstow, would make it difficult to continue yielding significant revenue from them.
The unknown buyer has landed a very successful 171,300 square foot outlet center with 40 storefronts including Nike, Coach, Calvin Klein, and Michael Kors.
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