Bass remains a tenant under a long-term, triple-net lease believed to be for at least 20 years.

Tanger Factory Outlet Centers Inc. of Greensboro, NC, one of the largest owner/operators of factory outlet shopping centers in the United States, sold the asset for $110 per sf after owning it since November 1999.

For Tanger, the sale represented a capitalization rate of about 8.79% based on an annual net operating income of $1.6 million, Tanger chairman/CEO Stanley K. Tanger says in a prepared statement. After deducting all closing costs, the company expects to book a net gain of about $450,000.

"The sale of this non-core property will generate capital we plan to invest in new development opportunities; the acquisition of existing outlet centers; or to reduce outstanding debt," Tanger says. "While we have enjoyed having the Bass Pro Shops Outdoor World as a tenant, we felt it was an opportune time to divest ourselves of the single tenant asset."

Marc Strauss, a senior agent in the Fort Lauderdale office of Marcus & Millichap Real Estate Investment Brokerage Co., had the exclusive listing from Tanger. Through the Encino, CA-based firm's National Retail Group, Strauss found Inland Southeast Dania and matched the buyer's needs with Tanger's property. The deal was done in 30 days.

"The professionalism and diligence of the representatives from both Tanger and Inland produced a smooth, timely closing," Strauss says in a prepared statement.

Instant Insights /

Inland Subsidiary Buys Bass Pro Shops Complex for $110 per SF

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