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The acquisition marks Tanger’s fourth this year, increasing its portfolios by about 1.3 million square feet, or 14%. The center is located about 30 miles from Tanger’s outlets in Lancaster, Pa.
“This acquisition should provide an accretive investment for our shareholders in our first year of ownership, and we believe that over time we will bring value to the property by leveraging our strong tenant relationships and implementing our highly successful marketing programs,” the company's chief Steven Tanger said in a statement.
The price consists of about $24.6 million in cash and the assumption of roughly $31.4 million in debt. Tanger, which is headquartered in Greensboro, N.C., will rename the outlets Tanger Outlets Hershey, from Outlets at Hershey.
The center is comprised of about 248,000 leasable square feet and features nearly 60 designer outlets and brand name stores, including Gap, Oshkosh B’Gosh, Nine West and Under Armour.