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Tanger Sells off Non-Performer in Oregon

The factory outlet REIT said sales per square foot was the reason; the property sold to a local investor.

By Brian K. Miller | Updated on July 28, 2000

McMINNVILLE, OR—Local residents may like it here, but Tanger Factory Outlet Centers Inc. has had enough—or not enough. The publicly-traded, Greensboro NC-based company has sold its 97,749-sf property due to nonperformance.

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.

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