Mimms paid Greensboro, NC-based Tanger Factory Outlet Centers Inc. $11.5 million, or about $64 per sf, for the 17-year-old, 86%-leased property located along Interstate 75 at Walnut Avenue, directly across from the Northwest Georgia Trade and Convention Center. Among the Tanger Outlet Center tenants are Reebok, Oshkosh B'Gosh, Bon Worth, Dress Barn, IZOD, Nautica and Bass. Average asking base rents are $14 to $16 per sf.
Marc Strauss, a senior investment associate in the Fort Lauderdale, FL office of Encino, CA-based Marcus & Millichap Real Estate Investment Brokerage Co., negotiated for Tanger Factory Outlet Centers. Craig Johnson, an associate in the brokerage firm's Atlanta office, found the buyer. Johnson previously helped Mimms sell its Decatur shopping center and knew what the investor was looking for, the broker says.
The sale represents a capitalization rate of about 11.3%, Johnson says. The Tanger Outlet Center has a daily traffic count of 115,918 cars, the broker adds.
Johnson is a member of Marcus & Millichap's National Retail Group. Strauss is a senior director in the group, a division focused on retail investment sales. The group completed sales of 1,100 retail properties aggregately valued at $3.1 billion in 2003, Johnson says.
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