The buyer completed the purchase using funds from the sale of a Fort Lauderdale, FL property in June, and a 1-million common share offering that generated $28 million.
Stanley K. Tanger, chairman of the board and chief executive officer, says the firm has had its eye on the Detroit metropolitan market for some time now.
"We are very pleased to introduce the Tanger Outlet Center name to the market with this transaction. The property has a proven track record of consistent sales and high occupancy," he says in a statement. "We continue to be comfortable with achieving our current earnings estimates for the remainder of 2002."
Company officials say the acquisition is part of an ongoing company growth strategy driven by acquisitions, expansions of proven operating properties, new development, third party management contracts and aggressive leasing and marketing of all Tanger properties.
The new property is located on a 41 acres highway frontage site at I-96. The center features more than 70 brand name outlet stores, and is 100 percent occupied.
Tanger, a publicly traded REIT, currently operates 30 factory outlet shopping centers in 21 states.
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