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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
