“By completing these asset sales, we are strengthening the overall quality, reducing the average age, and improving the longer-term growth profile of the portfolio,” says Steven B. Tanger, CEO of Tanger Factory Outlet Centers.
California is still a top market, despite its maturity, along with Western US secondary markets that show signs of growth.
The property is currently 76% occupied. Bridge Investment Group, which acquired more than 6 million square feet of space in the US in 2018, says it plans to undertake a $5-million capital improvement program at the campus.
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