Tanger — a leading operator of outlet and open-air retail properties — has completed the acquisition of Bridge Street Town Centre, an 825,000-square-foot, open-air lifestyle center in Huntsville, Ala. The center comprises more than 80 retail stores, as well as eateries, entertainment venues and other high-value assets of commercial real estate in Huntsville.

Tanger purchased the property for $193.5 million in cash and available liquidity, expecting returns of more than 8% in the first year with room for further growth. Bridge Street Town Centre is Tanger’s first acquisition of an open-air lifestyle center, which provides a walkable, experience-centric atmosphere that’s increasingly in demand in brick-and-mortar retail.

The center is more than 93% occupied as of the acquisition with quality tenants such as Lululemon, Sephora and Dry Goods, while also being home to the only Apple Store in Huntsville. Additionally, the property’s value is further enhanced by retailers such as Barnes & Noble; Dick’s Sporting Goods; Old Navy; and H&M. Entertainment options include Main Event and a 14-screen cinema. There are also more than 20 restaurant options at Bridge Street, including national favorites, as well as regional and local brands, making the property stand out with a high concentration of well-positioned Huntsville retail spaces.

“We continue to leverage the strength of our retail operating, leasing, and marketing platforms to create value, both in the outlet channel and through selective investments in other complementary open-air retail destinations,” said Stephen Yalof, president and CEO of Tanger. “The addition of Bridge Street Town Centre is a natural extension of our capabilities and consistent with our long-term strategy of investing in dominant open-air retail centers in markets which benefit from outsized residential and tourism growth.”

Located in west Huntsville’s Cummings Research Park, Bridge Street Town Centre is part of a larger mixed-use development that includes a fully leased, 144,000-square-foot office building; more than 500 planned multifamily units; and another 500 hotel rooms, all of which provide great access to potential customers. Notably, the greater Huntsville area is one of the fastest-growing innovation hubs in the country, boasting a robust defense and aerospace sector, as well as more than 40 companies on the Fortune 500 list.

The acquisition marks Tanger’s 39th overall property, as well as its third retail acquisition this quarter alone. The other two include Tanger Nashville, which opened in October, as well as the November acquisition of Asheville Outlets. Totaling $263.5 million, both properties were purchased through cash on hand and credit facilities. Tanger draws upon more than 42 years of experience in retail and outlet shopping to operate more than 15 million square feet of well-positioned properties in the U.S. and Canada.