Northmarq, one of commercial real estate’s leading investment sakes brokerage firms, has completed the sale of the Shops at Tanger Parkway, a 15,600 sq. ft. multi-tenant retail center located at 240 Tanger Outlets Blvd in Pooler, Georgia. The Savannah MSA development was 100 percent leased to eight tenants with excellent performance indicators at the time of the sale.
David Annett and Anne Perrault of Northmarq’s Tulsa office represented the seller, a Utah-based developer. The buyer, a private equity firm based in Mexico City, was represented by Mark Lovering of Northmarq’s Chicago office.
“We have been involved in this deal since pre-development stages, bringing the equity to the developer to construct the asset, followed by the ultimate consummation of the sale upon stabilization,” said Annett.
“The Shops at Tanger Parkway is a trophy asset that’s located front and center of the Tanger Outlets Mall --- an 800K shopping center that boasts over 4.5 million annual visits,” explained Lovering.
Built in 2020, the property is strategically positioned along the Pooler Parkway frontage road, offering major road access to all national retailers in the trade area. Major tenants of the retail strip include Tropical Smoothie Café, Tin Drum Asian Kitchen, LAX, T-Swirl Crepe, Wayback Burgers, Which Wich?, America’s Best Contacts & Glasses, and Pita Mediterranean Street Food.
“Our marketing produced a very competitive bidding environment – we started with approximately 10 letters of intent and were ultimately able to produce great value for the seller while selecting a buyer who had a solid resume,” said Perrault. “The capabilities of the buyer and his commitment to the transaction turned out to be critical down the stretch. I appreciated collaborating with Mark to produce a great outcome for our clients.” The center sold for $7.3 million reflecting a cap rate in the high-6’s on the current NOI.
“Due to strength of the underlying real estate and long-term leases, the buyer was able to secure accretive financing despite the choppy environment in the capital markets,” added Lovering. “All in all, this was a win-win for the seller & the buyer, and sourcing this deal internally illustrates the benefits of the Northmarq platform.”