Tanger Buys Second Full-Price Complex

Tanger (Greensboro, N.C.), an owner/operator of outlet and open-air retail shopping destinations, has acquired The Promenade at Chenal, a 270,000-square-foot upscale, lifestyle shopping center in Little Rock, Ark. The complex is Tanger’s first location in Arkansas and its second full-price lifestyle center. (The first is the Bridge Street Town Centre in Huntsville, Ala., which Tanger acquired late last year.)

“We continue to execute our growth strategy with the acquisition of The Promenade at Chenal,” said Stephen Yalof, President and CEO of Tanger. “We’re thrilled to add this attractive, market-dominant lifestyle destination to our portfolio and welcome several exciting new brands and restaurants – all part of the Promenade’s diverse collection of market-exclusive shopping, dining and entertainment. We look forward to leveraging the strengths of Tanger’s leasing, operating and marketing platform to solidify the Promenade as the state’s premier shopping experience.”

Tanger acquired The Promenade at Chenal for about $73 million, using cash on hand and available liquidity. Management estimates the center will deliver an 8% return during the first year, with potential for additional growth over time.

A shopping, dining, entertainment and lifestyle destination, The Promenade at Chenal’s lineup includes Lululemon, Sephora, Athleta, Kendra Scott, Lovesac and Sono Bello, as well as the state’s only Apple, Anthropologie and Urban Outfitters stores. Those stores are complemented by a roster of local and regional retailers, a variety of elevated and casual dining options and an AMC IMAX Theatre.

Tanger’s portfolio now consists of 38 outlet centers, one adjacent managed center and two open-air lifestyle centers with a total of more than 15 million square feet of space in 21 U.S. states and Canada. A publicly traded REIT since 1993, Tanger properties are home to 3000-plus stores operated by more than 700 different brands.