Tanger Factory acquires open-air lifestyle center in Huntsville, Alabama

Tanger has acquired Bridge Street Town Centre, an 825,000-square-foot open-air lifestyle center in Huntsville, Alabama. 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 $193.5M using cash on hand and available liquidity. Management expects the center to deliver a first-year return in the mid-8% range, with potential for additional growth over time. Bridge Street Town Centre, Tanger’s first open-air lifestyle center, is over 93% occupied, with a dynamic tenant mix that includes the market’s only Apple Store and apparel, footwear and beauty brands, as well as several larger format retailers including Barnes & Noble, Dick’s Sporting Goods, Old Navy, H&M, and Belk. The acquisition of Bridge Street Town Centre is the company’s third center addition this quarter,. The company funded the recent Huntsville and Asheville acquisitions totaling $263.5M through cash on hand and draws on the company’s credit facility. Additionally, during Q4 through November 30, 2023, the company raised gross proceeds of $57.5M through its at-the-market equity program, selling 2.3 million shares at an average price of $25.16 per share.