Tanger Outlets

Tanger Outlets

278 Shoppes on the Parkway Road
Blowing Rock, NC

Price: Request For Offer
Cap: N/A
NOI: $1,224,140
Building Size: 104,009 SF
Lot Size: 17.09 AC

Investment Highlights

• The subject property is a 104,009 SF retail investment offering in Blowing Rock, NC
• Blowing Rock is is an affluent mountain town close to Boone, NC where many residents have second homes
• Tanger Outlets is an opportunity to acquire a cash-flowing asset that is priced well-below replacement cost
• The property is 83% leased and presents major upside potential via lease-up of existing vacancy and the continuation of conversion of tenant-mix to traditional shopping center tenants

• Tanger outlets is one of only two shopping centers in Blowing Rock
• There are significant barriers to entry in Blowing Rock due to the topography of being a mountain town
• In addition to topography, the town of Blowing Rock is reluctant to encourage new retail development
• Tanger outlets at Blowing Rock encompasses 17.09 Acres and presents the opportunity to an investor to control one of the only retail sites in the entire city at below replacement cost

• Blowing Rock is a high regarded mountain town where many of the residents of the Carolinas have vacation/mountain homes
• This site pulls from a super-regional trade area of 230 miles
• This trade area draws from major metros such as, Charlotte, Raleigh, Greensboro, Columbia, Greenville, and Atlanta
• With 852,000 visits, it is the number 1 most visited retail center in Blowing Rock

• The site currently features legendary name brands such as Gap, Banana RepuIblic, Columbia, Rack Room, American Eagle, Talbot’s, Chico’s & many more
• In addition to these name brands, the landlord has started to bring in more traditional e-commerce resistant shopping center tenants (Restaurants, service, etc)
• Tanger Outlets is positioned to continue this transformation from an outlet center to a destination town center with shops, restaurants, and other tenants
• This conversion will provide the opportunity to backfill many of the tenants who are on gross lease and paying low percentage rent (i.e. Banana Republic, Gap, Appalachain Outfitters, High Country Herbs) with higher paying tenants

Zach Taylor

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