Tanger acquires Legends Outlets in Kansas City, Kansas for $130M

Tanger (SKT) acquired Legends Outlets, an approximately 690,000-square-foot open-air outlet center in Kansas City, Kansas, that expands the company’s footprint into the state. This acquisition continues the company’s strategic external growth and is the fourth outlet center of seven total open-air shopping centers to join Tanger’s portfolio since 2022. Tanger acquired Legends for approximately $130 million, using available liquidity and the assumption of a $115 million CMBS loan that matures in November 2027. In conjunction with closing the acquisition, Tanger settled approximately $70 million of previously issued forward equity. The company estimates the center will deliver an eight percent return during the first year, with potential for additional investment and growth over time.