{"id":2469,"date":"2023-12-08T09:32:45","date_gmt":"2023-12-08T09:32:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=2469"},"modified":"2023-12-08T09:32:45","modified_gmt":"2023-12-08T09:32:45","slug":"tanger-acquires-huntsville-ala-retail-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/tanger-acquires-huntsville-ala-retail-property\/","title":{"rendered":"Retail Operator Tanger Acquires Huntsville, Ala., Open-Air Lifestyle Center"},"content":{"rendered":"

Tanger \u2014 a leading operator of outlet and open-air retail properties \u2014 has completed the acquisition of Bridge Street Town Centre, an 825,000-square-foot, open-air lifestyle center in Huntsville, Ala. The center comprises more than 80 retail stores, as well as eateries, entertainment venues and other high-value assets of commercial real estate in Huntsville<\/a>.<\/p>\n

Tanger purchased the property for $193.5 million in cash and available liquidity, expecting returns of more than 8% in the first year with room for further growth. Bridge Street Town Centre is Tanger\u2019s first acquisition of an open-air lifestyle center, which provides a walkable, experience-centric atmosphere that\u2019s increasingly in demand in brick-and-mortar retail.<\/p>\n

The center is more than 93% occupied as of the acquisition with quality tenants such as Lululemon, Sephora and Dry Goods, while also being home to the only Apple Store in Huntsville. Additionally, the property\u2019s value is further enhanced by retailers such as Barnes & Noble; Dick\u2019s Sporting Goods; Old Navy; and H&M. Entertainment options include Main Event and a 14-screen cinema. There are also more than 20 restaurant options at Bridge Street, including national favorites, as well as regional and local brands, making the property stand out with a high concentration of well-positioned Huntsville retail spaces<\/a>.<\/p>\n

\u201cWe continue to leverage the strength of our retail operating, leasing, and marketing platforms to create value, both in the outlet channel and through selective investments in other complementary open-air retail destinations,\u201d said Stephen Yalof, president and CEO of Tanger. \u201cThe addition of Bridge Street Town Centre is a natural extension of our capabilities and consistent with our long-term strategy of investing in dominant open-air retail centers in markets which benefit from outsized residential and tourism growth.\u201d<\/p>\n

Located in west Huntsville\u2019s Cummings Research Park, Bridge Street Town Centre is part of a larger mixed-use development that includes a fully leased, 144,000-square-foot office building; more than 500 planned multifamily units; and another 500 hotel rooms, all of which provide great access to potential customers. Notably, the greater Huntsville area is one of the fastest-growing innovation hubs in the country, boasting a robust defense and aerospace sector, as well as more than 40 companies on the Fortune 500 list.<\/p>\n

The acquisition marks Tanger\u2019s 39th<\/sup> overall property, as well as its third retail acquisition this quarter alone. The other two include Tanger Nashville, which opened in October, as well as the November acquisition of Asheville Outlets. Totaling $263.5 million, both properties were purchased through cash on hand and credit facilities. Tanger draws upon more than 42 years of experience in retail and outlet shopping to operate more than 15 million square feet of well-positioned properties in the U.S. and Canada.<\/p>\n","protected":false},"excerpt":{"rendered":"

Retail operator Tanger announced the cash acquisition a high-tier lifestyle center in Huntsville, Ala., which is over 90% occupied with high-tier tenants including Lululemon, Dry Goods and Apple.<\/p>\n","protected":false},"author":71,"featured_media":2470,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-2469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retail-news"],"acf":[],"yoast_head":"\nRetail Operator Purchases High-Tier Retail Property in Huntsville<\/title>\n<meta name=\"description\" content=\"The purchase marks the company's first open-air lifestyle center in one of the most high-demands markets in the state.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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