ASHEVILLE, N.C. (WSPA) – Tanger, a leading operator of shopping centers, announced on Wednesday that it has acquired its 38th shopping center.
According to Tanger Factory Outlets Centers Inc., the operator acquired Asheville Outlets as a part of the continued execution of the company’s external growth strategy.
Tanger acquired the center for $70 million in an all-cash, making it the second fully owned addition to Tanger’s outlet portfolio this quarter, following the grand opening of Tanger Outlets Nashville in Tennessee last month.
Asheville Outlets’ mix of 70 stores includes apparel and footwear brands such as Nike, Under Armour, American Eagle, COACH, J.Crew, Vera Bradley, Abercrombie & Fitch, and Bath & Body Works, as well as national home furnishings providers including RH, West Elm, Crate & Barrel and Le Creuset.
The center also offers two anchor department stores, including Sportsman’s Warehouse and a separately owned Dillard’s Clearance Center.
“We are excited to add Asheville Outlets to the Tanger portfolio. Asheville is a dynamic and growing market with outsized potential,” said Stephen Yalof, President and CEO of Tanger.
“Asheville Outlets is the dominant shopping experience in the market and will benefit from the rapidly growing residential population and tourist visits for years to come. As part of the Tanger platform, we will drive additional value by increasing center productivity through selective re-merchandising, elevating the center’s food and beverage offerings and adding high-performing retail partners,” Yalof said.
Tanger will officially transition the center to Tanger Outlets Asheville in early January 2024. For more information, visit their website.