Tanger Outlets announced on Monday that it had closed on the sale of four of its none-core outlet centers, including its location in Ocean City, Md.
Tanger’s Ocean City outlet, along with three other locations in Nags Head, North Carolina, Park City, Utah, and Williamsburg, Iowa, represent 6.8% of the Company’s consolidated portfolio square footage and approximately 5.1% of its forecasted 2019 portfolio net operating income. The sale of the four outlets generated gross proceeds of $130.5 million.
“By completing these asset sales, we are strengthening the overall quality, reducing the average age, and improving the longer-term growth profile of the portfolio,” said Steven B. Tanger, Chief Executive Officer. in a press release.
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2 comments:
All the outlets are a joke. There are really no savings on yesterdays unsold crap. Shop a month later in the thrift shops and you are likely to find the same with the tags still on it. Shopping is the American pass time though. What happened to baseball ?
They still play baseball.
Fun time.
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