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Friday, March 1, 2024

Tanger acquires Alabama mall for $193 million

Greensboro-based Tanger, which operates outlet malls across the country, has acquired the 825,000-square-foot Bridge Street Town Centre in Huntsville, Alabama for $193 million.

It’s the second acquisition for Tanger in the past month. In November, it acquired Asheville Outlets here in North Carolina for $70 million. And it opened a mall in Nashville in October.

The mall is 93 percent occupied, and it includes an Apple Store and apparel, footwear and beauty brands such as Lululemon, Sephora, Lovesac, Dry Goods, Victoria’s Secret, Athleta, Anthropologie, Altar’d State, and Ulta.

Bridge Street also has larger format retailers, including Barnes & Noble, Dick’s Sporting Goods, Old Navy, H&M, and Belk.

“The addition of Bridge Street Town Centre is a natural extension of our capabilities and consistent with our long-term strategy of investing in dominant open-air retail centers in markets which benefit from outsized residential and tourism growth,” said CEO Stephen Yalof in a statement.

Bridge Street Town Centre is located within Cummings Research Park, the second-largest research park in the U.S., and close to Redstone Arsenal, a 38,000-acre federal research, development, testing and engineering military base.

The center is part of a larger mixed-use development that includes more than 500 hotel rooms, over 240 multifamily units with 300 more planned, and a fully leased 144,000-square-foot office tower, which are separately owned by other parties. The seller was Miller Capital Advisors of Skokie, Illinois.

Tanger, which now has 39 malls, said the mall is expected to deliver a first-year return in the mid-8% range. The company has been a public real estate investment trust since 1993 and operates in 20 states and Canada.

Huntsville is in northeast Alabama and has more than 215,000 residents.

 

Chris Roush
Chris Roush
Chris Roush is executive editor of Business North Carolina. He can be reached at croush@businessnc.com.

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