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.

By comparison, as of March 31, 2000 the company’s portfolio was 95% occupied with average tenant sales of $270 per sf.

The net operating income from these centers was less than 1% of Tanger’s NOI. Tanger (NYSE:SKT), a self-managed REIT, presently owns and operates 29 centers in 20 states coast to coast, totaling approximately five million sf of gross leasable area.

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