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Tanger Outlets Acquires Asheville Outlets In $70M Off-Market Deal
SOLD
$70,000,000
North Carolina
See Similar DealsRetail382,000 SF
Sold 11/14/2023
SOLD
Tanger Outlets Acquires Asheville Outlets In $70M Off-Market Deal
800 Brevard Road
See Similar DealsRetail382,000 SF
Sold 11/14/2023
Summary
NORTH CAROLINA
Asset Type:Retail
Price Per Square Foot:$183
Total Square Footage:382,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,733,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$248,695.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$331,835.71
Annual Debt Service$3,982,028.55
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