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Shops at Tanger Highway in Pooler Trades Ownership for $7M
Northmarq has brokered the sale of the Shops at Tanger Parkway, a 15,600-square-foot multi-tenant retail center located at 240 Tanger Outlets Boulevard in Pooler, GA. The center, which is 100% leased, sold for $7.3 million reflecting a cap rate in the high-6s.
David Annett and Anne Perrault of Northmarq represented the seller, a UT-based developer. Mark Lovering of Northmarq represented the buyer, a private equity firm based in Mexico City.
“Due to strength of the underlying real estate and long-term leases, the buyer was able to secure accretive financing despite the choppy environment in the capital markets,” said Lovering. “The Shops at Tanger Parkway is a trophy asset that’s located front and center of the Tanger Outlets Mall, an 800,000-square-foot shopping center that boasts over 4.5 million annual visits.”
Major tenants of the 2020-constructed center include Tropical Smoothie Café, Tin Drum Asian Kitchen, LAX, T-Swirl Crepe, Wayback Burgers, Which Wich? and Pita Mediterranean Street Food.
- ◦Sale/Acquisition
