Updated Dec 4, 2024
Tanger Outlets Acquires Asheville Outlets In $70M Off-Market Deal
800 Brevard Road
$70,000,000
$183/SF
Building Size
382,000 SF
Asset Type
Retail
Closing
Nov 14, 2023
About this deal
AI
Tanger Outlets has acquired Asheville Outlets, a 382,000-square-foot open-air shopping center located at 800 Brevard Road in Asheville, North Carolina. The property was sold by New England Development to Tanger Outlets for a total of $70 million in an all-cash, off-market deal.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $70,000,000
- Square Footage: 382,000
- Price per Square Foot: $183
- Address: 800 Brevard Road, Asheville, NC
- Market: Asheville, NC
The buyer in this transaction is Stephen J. Yalof, representing Tanger Outlets. The seller, on the other hand, is Stephen R. Karp, representing New England Development.
On the Map
$70,000,000
$183/SF
Retail
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Players
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Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93