The Tanger Factory Outlet Center in Nags Head has been sold and will soon be rebranded as “Outlets Nags Head.”
Tanger announced the sale of four non-core outlets Tuesday. The other properties sold include centers in Ocean City, Maryland; Park City, Utah and Williamsburg, Iowa.
Singerman Real Estate and The Outlet Resource Group have acquired the four shopping centers. TORG will oversee leasing and marketing and Avison Young will act as property manager, the real estate group said in a news release.
The 82,000-square-foot Nags Head property will soon be renamed. There was no word Tuesday on whether new stores would be added.
“The collection of assets, individually and collectively, complements our current portolio with centers that have strong tourism draws,” TORG Principal Lisa Wagner said in the news release. “Customers tell us that outlet centers provide the most fun form of shopping. “We will make sure that the consumer experience is both entertaining and rewarding.”
TORG takes a market-specific approach to advertising and promoting each center and looks forward to creating enhanced partnerships with neighbors and local businesses, the release said.
“We are very excited to contribute something positive to these communities,” Wagner said. “We will focus on being front and center in the each market and being good citizens.”
Tanger expects to use the $128.7 million of net proceeds from the sale to repay balances under its lines of credit, the company said in a news release.