Tanger Acquires The Promenade at Chenal, an Open-Air Lifestyle Center in Little Rock, Arkansas
December 10 2024 - 6:06PM
Business Wire
Adds another dominant retail center in a strong
and growing Sunbelt market
Tanger® (NYSE: SKT), a leading owner and operator of
outlet and open-air retail shopping destinations, has acquired The
Promenade at Chenal, a 270,000-square-foot upscale, open-air
lifestyle shopping center in the growing Sunbelt market of Little
Rock, Arkansas. The Promenade at Chenal is Tanger’s first location
in Arkansas, and its second full price, open-air lifestyle center,
following Tanger’s acquisition of Bridge Street Town Centre in
Huntsville, Alabama, late last year.
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Tanger has acquired The Promenade at
Chenal, a 270,000-square-foot, open-air lifestyle shopping center
in Little Rock, Arkansas, that offers a diverse and elevated mix of
shopping, dining, and entertainment options. (Photo credit: Red
Wing Aerial Photography)
“We continue to execute our growth strategy with the acquisition
of The Promenade at Chenal,” said Stephen Yalof, President and CEO
of Tanger. “We’re thrilled to add this attractive, market-dominant
lifestyle destination to our portfolio and welcome several exciting
new brands and restaurants – all part of the Promenade’s diverse
collection of market-exclusive shopping, dining, and entertainment.
We look forward to leveraging the strengths of Tanger’s leasing,
operating, and marketing platform to solidify the Promenade as the
state’s premier shopping experience.”
Tanger acquired The Promenade at Chenal for approximately $73
million, using cash on hand and available liquidity. Management
estimates the center to deliver an eight percent return during the
first year, with potential for additional growth over time.
Central Arkansas’ prominent shopping, dining, entertainment, and
lifestyle destination, The Promenade at Chenal offers a line-up of
highly sought-after national brands such as Lululemon, Sephora,
Athleta, Kendra Scott, Lovesac, and Sono Bello, as well as the
state’s only Apple, Anthropologie, and Urban Outfitters stores.
These are complemented by a curated roster of popular local and
regional retailers, a variety of elevated and casual dining
options, and an AMC IMAX Theatre.
The most populous city in Arkansas, Little Rock is home to
national and global corporations like Dillard’s, L’Oréal, FIS, and
Caterpillar and serves as a medical and tourism hub for the state.
The Promenade at Chenal is part of an affluent master-planned
community in the Chenal Valley neighborhood on the west side of
Little Rock, where continued densification since 2020 has created a
live-work-play dynamic that further strengthens the center’s market
dominant position.
For more information, please see our investor website at
investors.tanger.com or visit littlerock.tanger.com/littlerock.
About Tanger®
Tanger Inc. (NYSE: SKT) is a leading owner and operator of
outlet and open-air retail shopping destinations, with over 43
years of expertise in the retail and outlet shopping industries.
Tanger’s portfolio of 38 outlet centers, one adjacent managed
center, and two open-air lifestyle centers includes over 15 million
square feet well positioned across tourist destinations and vibrant
markets in 21 U.S. states and Canada. A publicly traded REIT since
1993, Tanger continues to innovate the retail experience for its
shoppers with over 3,000 stores operated by more than 700 different
brand name companies. For more information on Tanger, call
1-800-4TANGER or visit tanger.com.
The Company uses, and intends to continue to use, its Investor
Relations website, which can be found at investors.tanger.com, as a
means of disclosing material nonpublic information and for
complying with its disclosure obligations under Regulation FD.
Additional information about the Company can also be found through
social media channels. The Company encourages investors and others
interested in the Company to review the information on its Investor
Relations website and on social media channels. The information
contained on, or that may be accessed through, our website or
social media platforms is not incorporated by reference into, and
is not a part of, this document.
Forward-Looking Statements
This release contains certain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The Company intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements, which are based on certain
assumptions and describe the Company's future plans, strategies and
expectations, are generally identifiable by use of the words
"believe," "expect," "intend," "anticipate," or similar
expressions.
These forward-looking statements are based upon the beliefs and
expectations of management at the time of this release. You should
not rely on forward-looking statements since they involve known and
unknown risks and uncertainties which could cause actual results to
differ materially from those presented in the forward-looking
statements. Please refer to the documents filed by the Company with
the SEC, including specifically the "Risk Factors" sections of the
Company's Annual Report on Form 10-K for the year ended December
31, 2023, and the Company's other filings with the SEC, which
identify additional factors that could cause actual results to
differ from those contained in forward-looking statements. The
Company does not undertake any obligation to update these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20241210578397/en/
Media Contact Kasie Wilson
KWT Global Tanger@kwtglobal.com
Investor Relations Contact
Doug McDonald SVP, Treasurer and Investments (336) 856-6066
TangerIR@tanger.com
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