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
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.
Players
Asheville Retail Market Snapshot
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