Tanger Inc. completed the acquisition of The Promenade at Chenal on December 10, 2024, an upscale, open-air lifestyle shopping center located in Little Rock, Arkansas. The property spans 270,000 square feet and was acquired for approximately $73 million, utilizing cash on hand and available liquidity.
This acquisition marks Tanger's first entry into the Arkansas market and represents its second full-price, open-air lifestyle center, following the acquisition of Bridge Street Town Centre. The Promenade at Chenal features a diverse mix of national brands, including Apple, Lululemon, Sephora, and Urban Outfitters, alongside dining and entertainment options.
Management estimates that the center will deliver an eight percent return during its first year under Tanger's ownership, with potential for additional growth over time. This strategic move aligns with Tanger's goal of diversifying its portfolio beyond traditional outlets and into market-dominant retail destinations in growing Sunbelt markets, leveraging its operating, leasing, and marketing expertise to enhance value.
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