Tanger Adds Huntsville Shopping Center to Growing Holdings

All systems are go with Greensboro-based Tanger. The company is continuing its steady growth with the acquisition of its 39th shopping center and third new property in the last month. Tanger paid $193.5 million for the Bridge Street Town Centre in Huntsville, Alabama, in an all-cash deal. The center is 93% occupied. Management expects the center to deliver a first-year return in the mid-eight percent range, with potential for additional growth over time.

Bridge Street Town Centre, an 825,000‑square-foot open-air lifestyle center comprises over 80 retail stores, restaurants, and entertainment venues and serves as the dominant shopping destination in the market.

The tenant mix includes an Apple Store and brands including Lululemon, Sephora, Lovesac, Dry Goods, Victoria’s Secret, Athleta, as well as several larger format retailers including Barnes & Noble, Dick’s Sporting Goods, Old Navy, H&M, and Belk. The center offers over two dozen restaurants. Additionally, the center boasts entertainment venues such as Main Event and the 14-screen Cinemark Bridge Street.