Tanger Acquires Controlling Interest in Tanger Outlets in Deer Park, New York
Tanger Factory Outlet Centers, Inc. (NYSE: SKT), announced today that it has acquired an additional one-third interest in the Tanger Outlets, located in Deer Park, New York. Tanger now owns two-thirds of the Deer Park property, and in addition to retaining its status as property manager, will control the management, leasing, marketing and other operations of the property. The owner of the remaining one-third interest in the property and Tanger have entered into a Put/Call Agreement through which Tanger may acquire the remaining ownership interest in the future.
"We are pleased to increase our ownership in the Deer Park property. This well-occupied property is currently a traffic leader in our portfolio and generates sales per square foot well above our consolidated portfolio average," said Steven B. Tanger, President and Chief Executive Officer. "Over time, we expect to continue to upgrade the tenant mix at this high volume, successful property," he added.
Tanger Outlets in Deer Park is a luxury outlet shopping destination minutes from New York City and located in the heart of Long Island. The center offers 96 outlet stores, 10 restaurants, and a 16 screen movie theater, making it a true value