Tanger Inc. acquired Legends Outlets, an approximately 690,000-square-foot open-air outlet center in Kansas City, Kansas, on September 16, 2025. This acquisition expands Tanger's footprint into the state and represents its fourth outlet center and seventh open-air shopping center added to its portfolio since 2022.
The acquisition was valued at approximately $130 million, funded through available liquidity and the assumption of a $115 million CMBS loan maturing in November 2027. In conjunction with the closing, Tanger settled approximately $70 million of previously issued forward equity, demonstrating efficient capital deployment.
Legends Outlets is Kansas' only outlet center and serves as the retail anchor of Village West, a major tourist destination featuring attractions like the Kansas Speedway and Hollywood Casino. The center is 93% occupied and hosts over 100 stores, restaurants, and entertainment venues, including brands like Nike, Sephora, and Tory Burch.
Management estimates the center will deliver an eight percent return during the first year, with potential for additional investment and growth. This strategic acquisition aligns with Tanger's focus on well-located, open-air centers in markets with strong residential and economic fundamentals, where its leasing, operating, and marketing platforms can enhance productivity and value.
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