Tanger buys Asheville Outlets for $70 million in cash

ASHEVILLE, S.C. (FOX Carolina) - Tanger announced that it has acquired the Asheville Outlets for $70 million all-cash, making it the second fully owned addition to the outlet portfolio this quarter.

According to a release, Asheville Outlets is a 382,000-square-foot, open-air shopping center located at 800 Brevard Road. It has a mix of 70 stores that include apparel and footwear brands such as 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. The center also offers two attractive anchor department stores, including Sportsman’s Warehouse and a separately-owned Dillard’s Clearance Center.

“We are excited to add Asheville Outlets to the Tanger portfolio. Asheville is a dynamic and growing market with outsized potential,” said Stephen Yalof, President and CEO of Tanger. “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. 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.”

Tanger said it will officially transition the center to become Tanger Outlets Asheville in January 2024.

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