Tanger Outlets Acquires The Promenade at Chenal

Tanger, a prominent owner and operator of outlet and open-air shopping destinations, has revealed the acquisition of The Promenade at Chenal, a 270,000-square-foot open-air lifestyle shopping center in Little Rock. This marks Tanger’s first property in Arkansas and its second open-air lifestyle center acquisition, following the addition of Bridge Street Town Centre in Huntsville, Alabama, last year.

“We continue to execute our growth strategy with the acquisition of The Promenade at Chenal,” said Stephen Yalof, president and CEO of Tanger. “We’re thrilled to add this attractive, market-dominant lifestyle destination to our portfolio and welcome several exciting new brands and restaurants – all part of the Promenade’s diverse collection of market-exclusive shopping, dining and entertainment. We look forward to leveraging the strengths of Tanger’s leasing, operating and marketing platform to solidify the Promenade as the state’s premier shopping experience.”

The Promenade at Chenal was acquired for approximately $73 million through cash and available liquidity. Tanger’s management anticipates an eight percent return during the first year, with potential for further growth.

Located in the affluent Chenal Valley neighborhood, The Promenade at Chenal serves as Central Arkansas’s premier shopping, dining and entertainment hub. It is home to popular national retailers such as Apple, Anthropologie, Urban Outfitters, Lululemon, Sephora and Kendra Scott, as well as an AMC IMAX Theatre. The center also offers a mix of local and regional businesses and a variety of dining options.

Little Rock, which is Arkansas’s most populous city, is home to major corporations like Dillard’s, L’Oréal and Caterpillar and serves as a hub for health care and tourism. The city’s continued growth and the development of the Chenal Valley area have solidified The Promenade’s status as a top lifestyle destination.

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As published in armoneyandpolitics.com, the amp website, Wednesday, December 11, 2024.  AMP News, article by AMP Staff

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