Monday, August 26, 2013

Simon/Tanger purchase Charlotte Premium Outlets land for $8.7M

Will Boye Senior Staff Writer- Charlotte Business Journal Aug 23, 2013, 2:57pm EDT

A joint venture between Simon Property Group Inc. (NYSE:SPG) and Tanger Factory Outlet Centers Inc. (NYSE:SKT) has closed on 42 acres of land in the Steele Creek area in southwest Charlotte, where the companies plan to develop a 350,000-square-foot retail outlet that is slated to open next year.

Charlotte Outlets, a limited liability company managed by Simon and Tanger, purchased the land at the Interstate 485 interchange at Steele Creek Road for $8.7 million.

Simon and Tanger announced they were teaming up on the project, previously a Tanger project, in late November.

The outlet at the Steele Creek site will be called Charlotte Premium Outlets. Tanger will provide site development and construction supervision to the venture, while Simon will provide management services and marketing.

Both companies will provide leasing services and expect the center, with more than 90 stores, to open in 2014. They expect to break ground this year.

The seller of the land was Steele Creek (1997) LP, which is managed by Sarah Belk Gambrell.


Steele Creek residents worry Tanger outlet mall will make traffic worse.

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