Tanger has acquired Asheville Outlets, a 382,000-square-foot open-air shopping center, for $70 million.
Originally built in the late 1980s as Biltmore Square Mall, New England Development repositioned the Asheville property about eight years ago as an outlet mall. Tanger said the property is 95% occupied, with a diverse mix of brands, including home furnishings providers and iconic apparel, footwear and accessories brands. The Triad Business Journal reports management expects the center to deliver a first-year return in the mid-8% range, with potential for additional growth over time.
The Asheville property’s roster of 70 retailers includes top 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 has a Sportsman’s Warehouse and a separately-owned Dillard’s Clearance Center. Tanger will transition the center to Tanger Outlets Asheville in early January 2024.