Posted: January 21, 2014 - 10:59pm | Updated: January 22, 2014 - 8:02am By JULIA RITCHEY Savannah Morning News
Tanger Outlets has bought a stake in the future Outlet Mall of Georgia in Pooler, according to Chatham County property deed records.
In documents signed January 10, Green Valley Acquisition LLC, identified as an affiliate of the North Carolina-based Tanger Outlets, agrees to co-manage and co-develop a portion of the project at the interchange of I-95 and Pooler Parkway.
A limited warranty deed signed by Jack Wardlaw of Pooler Marketplace and South Godley Enterprises, the sellers of the property, and Frank Marchisello, executive vice president and CFO of Tanger Outlets, indicates a sum of $10 million was paid for the transfer.
An access and construction agreement signed between Tanger and the “Outlet Mall of Savannah LLC” stipulates that Tanger will “continue the development of the project.”
Other details of the deal remained murky as several calls to Ben Carter Enterprises, the developer who spearheaded the project, Jack Wardlaw and other stakeholders were not returned.
A spokesman for Tanger, Quentin Pell, said they did not have an announcement to make at this time.
“Our retailers continue to show an interest in the Savannah area … the market is very intriguing to us,” said Pell.
Atlanta-based developer Ben Carter broke ground on the project last September, promising a host of upscale boutique outlet stores new to the Savannah area, with some overlap from retailers found at Tanger Outlets in Bluffton and Charleston. It was unclear what role Carter would play going forward.
According to previous coverage by Savannah Morning News, Carter had secured leases for 70 percent of the 560,000-square-foot facility. The mall is scheduled to open in spring of 2015.
A raft of other agreements was also filed as part of last week’s deal — from sewer lines to signage to access roads.
Commercial realtors with knowledge of the venture said bringing in a partner like Tanger would help secure more financing and control risk.
It also was suggested Tanger’s strong reputation would give more credibility to the project, attracting more retailers and solidifying growth in that area, which has already experienced a construction boom.
Tanger Outlet Centers operate 43 shopping malls in 26 states and Canada, representing 400 brand-name factory outlet stores, according to its website.
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