Tanger Pays $70M for North Carolina Shopping Center

November 14, 2023

This open-air asset was 95 percent leased at the time of the sale.

The property was transformed into an open-air shopping center in 2025. Image by Jim Roof Creative Inc., courtesy of Tanger Outlets

Asheville Outlets became an open-air shopping center in 2015. Image by Jim Roof Creative Inc., courtesy of Tanger Outlets

Tanger Outlets has acquired Asheville Outlets, a 382,000-square-foot, open-air shopping center in Asheville, N.C. New England Development sold the asset for $70 million in an all-cash, off-market transaction. To be rebranded to Tanger Outlets Asheville in early January 2024, the property was 95 percent leased at the time of the transaction.

Originally an indoor regional shopping mall, Asheville Outlets became an open-air retail property back in 2015; the previous owner partnered with Tremont Realty Capital for the redevelopment project. Earlier this year, the shopping center became subject to a $90.9 million loan from Wells Fargo Bank, CommercialEdge data shows.

Anchored by Sportsman’s Warehouse and a separately-owned Dillard’s Clearance Center, Asheville Outlets comprises 70 stores that offer home furnishings, apparel, footwear and accessories. Tenants also include Nike, Abercrombie & Fitch, American Eagle, J. Crew, Bath & Body Works, as well as West Elm, Crate & Barrel, RH and Le Creuset.

Asheville Outlets is adjacent to Interstate 26 at 800 Brevard Road, near residential communities and several hotels. The city of Asheville offers various attractions, such as The Biltmore Estate and The North Carolina Arboretum, and some 12.5 million people visit the region each year, of which 4.6 million stay overnight.

Tanger’s reach across the U.S.

This acquisition brought Tanger Outlets’ portfolio to 38 shopping centers in the U.S. and Canada. The shopping centers total roughly 14 million square feet of retail space which are home to more than 3,000 stores.

Tanger’s U.S. holdings span across 20 states including Phoenix, Texas, Georgia, North Carolina, South Carolina, Florida, Alabama, Ohio and Connecticut, among others. This quarter, the firm opened a 290,000-square-foot, open-air shopping center in Nashville, Tenn., that features 60 stores.