GREENSBORO, N.C., Aug. 2, 2022
/PRNewswire/ -- Tanger Factory Outlet Centers, Inc.
(NYSE: SKT), a leading operator of upscale, open-air outlet
centers, announced today a strategic partnership with Clarion
Partners, a leading real estate investment manager, at Palm Beach
Outlets in West Palm Beach,
Florida. The asset will be rebranded Tanger Outlets Palm
Beach, and Tanger has assumed marketing, leasing and property
management responsibilities effective July
29, 2022.
Fronting on Interstate 95 and Palm Beach Lakes Boulevard in
West Palm Beach, the 455,000
square foot Tanger Outlets Palm Beach is one of the region's most
visited shopping destinations, serving millions of residents and
more than 8.2 million visitors each year. This will be the 38th
center in Tanger's portfolio and its second Florida property, including the highly
productive Tanger Outlets Daytona Beach to the north. Tanger
Outlets Palm Beach will bring Tanger's best-in-class operating
platform to one of South Florida's
most popular destinations.
"We are proud to introduce the Tanger Outlets brand to
Palm Beach," said Tanger CEO
Stephen Yalof. "This partnership
allows us to further leverage our vibrant platform as we apply our
differentiated management strategy to a highly desirable shopping
destination, while also providing us with the potential opportunity
to acquire equity ownership over time. Our operating model, market
influence and commitment to customer experience will bring
immediate value to shoppers and the Palm Beach
community, accelerating success for existing and new retail
partners."
"Palm Beach Outlets is a high-quality asset located in a booming
submarket of South Florida. We are
thrilled to be partnering with Tanger, a best-in-class outlet
operator, and leveraging their strong platform to deliver long-term
growth and value creation," said Lauren
Holden, Clarion's Managing Director and Head of Retail Asset
Management.
This transaction reflects Tanger's differentiated, winning
formula – strengthened by its Mission, Vision and Values – which
has long resonated with both retailers and customers as one of the
most respected brands in the industry. The company's scale enables
it to operate differently, with innovative and efficient digital
marketing programs and values-led investments in causes that matter
to customers – such as breast cancer research, education and
sustainability. Tanger continually commits to building a unified
connection to the communities it serves, and this community-first
approach will ensure a smooth transition in West Palm Beach for local team members as they
are welcomed into the Tanger family.
About Tanger Factory Outlet Centers:
Tanger
Factory Outlet Centers, Inc. (NYSE: SKT) is a leading operator
of upscale open-air outlet centers that owns (or has an ownership
interest in) and/or manages a portfolio of 37 centers with an
additional center currently under development. Tanger's operating
properties are located in 20 states and in Canada, totaling approximately 14.0 million
square feet, leased to over 2,700 stores operated by more than 600
different brand name companies. The Company has more than 41 years
of experience in the outlet industry and is a publicly-traded
REIT.
About Clarion Partners:
Clarion Partners LLC, an
SEC registered investment adviser with FCA-authorized and FINRA
member affiliates, has been a leading real estate investment
manager for 40 years. Headquartered in New York, the firm maintains strategically
located offices across the United
States and Europe. With
over $75.9 billion in total assets
under management, Clarion Partners offers a broad range of real
estate strategies across the risk/return spectrum to its 500+
domestic and international institutional investors. More
information about the firm is available at
www.clarionpartners.com.
Investor Contact
Doug McDonald
SVP, Finance and Capital Markets
T: (336) 856-6066
tangerir@tangeroutlets.com
Media Contact
Nathaly Martinez
KWT Global
tanger@kwtglobal.com
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SOURCE Tanger Factory Outlet Centers, Inc.