Wednesday, June 12, 2024

Tanger buys Asheville mall for $70 million

Greensboro-based Tanger Factory Outlets has acquired Asheville Outlets from New England Development for $70 million in an all-cash deal.

It’s the company’s 38th location. The mall converted in 2015 from an indoor regional mall to an open-air outlet shopping center.

Asheville Outlets has 382,000 square feet and is 95% occupied, according to Tanger. Its stores include 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.

“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,” said Tanger CEO Stephen Yalof in a statement. “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.”

The mall will be renamed Tanger Outlets Asheville in January.

Tanger, which has been a public real estate investment trust since 1993, operates in 20 states and Canada. Its other outlet mall in North Carolina is in Mebane.

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