CHICAGO (April 1, 2019) – Singerman Real Estate (“SRE”) and The Outlet Resource Group (“TORG”) have acquired four outlet centers. TORG will oversee leasing and marketing for the centers, and Avison Young will act as property manager.
The assets total approximately 900,000 square feet and will be renamed and rebranded as follows:
|New Name||Former Name||Location||Size (sq. ft.)|
|Outlets Nags Head||Tanger Outlets Nags Head||Nags Head, NC||82,000|
|Outlets Ocean City||Tanger Outlets Ocean City||Ocean City, MD||199,000|
|Outlets Park City||Tanger Outlets Park City||Park City, UT||320,000|
|Outlets Williamsburg||Tanger Outlets Williamsburg||Williamsburg, IA||276,000|
The SRE / TORG outlet portfolio now encompasses over 1.5 million square feet across six centers, including OKC Outlets in Oklahoma City and Lincoln City Outlets in Lincoln City, Oregon.
“The collection of assets, individually and collectively, complements our current portolio with centers that have strong tourism draws,” said TORG Principal Lisa Wagner. These are premier shopping destinations, and we look forward to building upon and improving the experience for shoppers and retailers.”
“Customers tell us that outlet centers provide the most fun form of shopping,” Wagner said. “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. “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.”
“We see this transaction as a unique opportunity to acquire high-quality properties in strategic markets,” said SRE Principal Steve Duncan. “We are very focused on further enhancing the shopping experience and creating value for customers, retailers, and the community as a whole.”
“Outlets Park City marks our second investment in the Park City market,” noted Duncan. “Ownership of the DoubleTree Hotel by Hilton – The Yarrow along with this purchase of the resort area’s premier shopping destination demonstrates our conviction in the market and the area’s growth.”
About Singerman Real Estate
Singerman Real Estate LLC (SRE) is an opportunistic real estate investment firm that has deep experience executing complex transactions and unlocking embedded value through the ownership of properties, real estate loans and operating companies. SRE’s principals have executed over $2.5 billion of investments, including current ownership of Lincoln City Outlets and OKC Outlets. SRE focuses on maximizing risk-adjusted returns through investments in both debt and equity across all major asset classes including office, retail, hotel, industrial and multifamily, in addition to secondary real estate asset classes such as student housing and senior housing.
About The Outlet Resource Group
The Outlet Resource Group (TORG) is a global alliance of experts focused on the acquisition, management, marketing and leasing of outlet shopping centers in the United States, Latin America and Europe. The team has collectively over 250 years of outlet experience across over 65 outlet centers. TORG offers unique in-house marketing and leasing services through a fully integrated, customer-focused, value-adding team structure. TORG works with owners and developers to strategically reposition underperforming assets, maximize the performance of existing centers, develop new outlet center destinations and provide professional guidance on retail expansion. For more information, visit outletresource.com.
About Avison Young
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 79 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties. For additional information about Avison Young, visit avisonyoung.com.