Tanger Acquires Open-Air Lifestyle Center in Growth Market of Huntsville, Alabama
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Thursday, November 30, 2023
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GREENSBORO, N.C., Nov. 30, 2023 /PRNewswire/ -- Tanger® (NYSE: SKT), a leading operator of outlet and open-air retail shopping destinations, announced today that it has acquired Bridge Street Town Centre, an 825,000‑square-foot open-air lifestyle center in Huntsville, Alabama, one of the fastest growing markets in the country. The center comprises over 80 retail stores, restaurants, and entertainment venues and serves as the dominant shopping destination in the market.
Key Points:
- The center comprises over 80 retail stores, restaurants, and entertainment venues and serves as the dominant shopping destination in the market.
- Tanger acquired Bridge Street Town Centre for $193.5 million using cash on hand and available liquidity.
- Management expects the center to deliver a first-year return in the mid-eight percent range, with potential for additional growth over time.
- The center offers over two dozen restaurants, from national favorites like Cheesecake Factory, Texas de Brazil, and Bravo!