Tanger Sells off Non-Performer in Oregon

McMINNVILLE, OR—Local residents may like it here, but Tanger Factory Outlet Centers Inc. has had enough—or not enough. The publicly-traded, Greensboro NC-based company has sold its 97,749-sf property due to nonperformance.

The sale was a package deal with another of its smaller, under-performing assets in Lawrence, KS. Both were sold for a total cash sales price of $7.9 million to local investors within the involved marketing areas, the company said.

The properties had not performed up to the company’s standards with regard to square-foot sales and leasing opportunities. As of March 31, 2000, the 97,749-sf McMinnville property was 69% leased with average tenant sales of $120 per foot. The 88,200-sf Lawrence asset was 68% leased with average tenant sales of $104 per foot.