Tanger (SKT) said late Tuesday it has acquired The Promenade at Chenal, a 270,000-square-foot open-air shopping center in Little Rock, Arkansas, for about $73 million.

The shopping center is Tanger's first location in Arkansas.

Tanger said it used cash on hand and available liquidity to fund the acquisition. The company estimates that the shopping center will deliver an 8% return during the first year.