Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOWELL, MI-The Kensington Valley Factory Shops here have been purchased by Tanger Factory Outlet Centers Inc. of Greensboro, NC for $37.5 million. The 325,000-sf center will be renamed the Tanger Outlet Center at Kensington Valley.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.