November 2003 Cover Story Features

Cover Story

Tanger Territory
In the latest example of industry consolidation, Tanger Factory Outlet Centers and a joint-venture partner prepare to acquire Charter Oak Partners’ nine-center portfolio in a deal valued at $491 million. The transaction, set to close by yearend, would represent the sale of the nation’s largest independently held outlet-center portfolio to the nation’s second-largest publicly held real estate investment trust. The 3.3-million-sf acquisition would increase Tanger’s portfolio to 9.5 million sf and its center count to 42 outlet projects.

Features

New Ownership in Vero Beach
Stolz Brothers, a real estate investment and development company based in Lansdale, Pa., and its longtime advisor and investment partner Urdang & Assocs., acquired Tanger Outlet Center in Vero Beach, Fla., for $19.5 million. Tanger Factory Outlet Centers will continue to manage, market and handle leasing for the 328,607-sf center, which was built in 1994 on Route 60 near I-95.

Revamp in Vacaville
More than two years after acquiring Factory Stores at Vacaville (Calif.) in its buyout of the Konover outlet-center portfolio, Chelsea Property Group is well under way on a massive remerchandising and capital improvements plan aimed at upscaling the 15-year-old center.

St. Louis Mills Countdown
In early October the rush was to complete work on Mills Corp.’s 1.1 million-sf St. Louis Mills in time for its Nov. 13 opening. The project’s new concept is SportsStreet, a themed section of the mall composed of such sports-oriented tenants as the St. Louis Blues Ice Rink and a NASCAR SpeedPark.

Jelly Belly Gets Bigger
Jelly Belly Candy Co., after a long hiatus that limited its outlet-store activity to just one unit, begins opening more stores in what is termed a controlled expansion. So far, two new stores have opened in California, in the candy manufacturer’s own backyard.

Old Mall, New Plans
An enclosed outlet mall in Williamsburg, Va., is scheduled to be retenented and made over after investors led by a local company acquire it with a mind to build on its existing outlet-retail orientation.