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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.