Tanger Buys Kansas City Retail for $130M
The firm acquired the state’s only outlet center.
Tanger has acquired Legends Outlets, an approximately 690,000-square-foot open-air outlet center in Kansas City, Kan., for about $130 million. Walton Street Capital previously owned the asset, according to Yardi Research Data.
The $130 million purchase price was raised from available liquidity and included the assumption of a $115 million CMBS loan that matures in November 2027. In addition, the firm settled approximately $70 million of previously issued forward equity.
Tanger plans to rename the center Tanger Kansas City at Legends and plug the property into its national loyalty program, TangerClub.
Legends is Kansas’ only outlet center and was 93 percent leased at the time of sale. The property traded before in January 2016, when Walton Street Capital acquired it from KKR, the same source shows.
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Located at 1843 Village W. Parkway, the property features more than 100 stores, restaurants and entertainment venues, including Nike, Aerie, Buckle, Bath & Body Works, COACH, HomeGoods, Sephora, Victoria’s Secret and Under Armour, along with Kansas’s only locations of PUMA, Tory Burch, Kate Spade, Michael Kors and a newly opened Duluth Trading Co. store.
Restaurants and entertainment include AMC Theatres, Dave & Buster’s, Yard House, Panera Bread, Chipotle Mexican Grill, Five Guys and Cold Stone Creamery. Legends is also the retail anchor of Village West, a 1,500-acre master-planned community.
The property also comprises a Residence Inn by Marriott—for which Tanger is the ground lessor—along with the separately owned Legends 267 Apartments and shadow anchors Target, ALDI and JCPenney. The development includes the Kansas Speedway, Hollywood Casino, Azura Amphitheatre, Great Wolf Lodge, Margaritaville Hotel and the HomeField KCK youth sports complex.
The acquisition of Legends continues Tanger’s strategic external growth and is the fourth outlet center of seven total open-air shopping centers to join the company’s portfolio since 2022.
In February, Tanger purchased the 640,000-square-foot Pinecrest Mall, an open-air, grocery-anchored, mixed-use property in Orange, Ohio, part of metro Cleveland. The $167 million price also included the asset’s residential and office components.
Healthy retail in the Heartland
Despite national economic uncertainty, retail leasing activity in metro Kansas City outpaced new deliveries—leasing volume was more than six times higher than new supply year-over-year as of the second quarter, according to a report from Newmark Zimmer. The vacancy rate clocked in at 4.1 percent, while rents increased by 2.3 percent year-over-year.
Kansas City’s retail market remains resilient, with sales during the same time frame topping $520 million. Much of this momentum is being driven by steady demand in core infill locations and at community shopping centers, which continue to attract strong tenant interest.
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