Bass remains a tenant under a long-term, triple-net lease believed to be for at least 20 years.
Tanger Factory Outlet Centers Inc. of Greensboro, NC, one of the largest owner/operators of factory outlet shopping centers in the United States, sold the asset for $110 per sf after owning it since November 1999.
For Tanger, the sale represented a capitalization rate of about 8.79% based on an annual net operating income of $1.6 million, Tanger chairman/CEO Stanley K. Tanger says in a prepared statement. After deducting all closing costs, the company expects to book a net gain of about $450,000.
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