Tanger Outlet Centers and Simon form JV to open new outlet center
Houston -- Greensboro, N.C.-based Tanger Factory Outlet Centers and Indianapolis-based Simon Property Group announced Thursday that they have entered into a 50/50 joint venture agreement to develop a Tanger Outlet Center south of Houston, in Texas City.
Phase I is slated for 350,000 sq. ft. of brand name and designer outlet stores; the 55-acre site is expected to accommodate future expansion of about 120,000 sq. ft.
Tenant announcements and ground breaking ceremonies are slated for July; the center is scheduled to open in summer 2012.
The joint venture will be co-owned by Tanger and Simon and will be branded as Tanger Outlets. Simon will provide site development, construction supervision, and asset management to the venture; Tanger will provide management services and marketing to the joint venture. Both companies will provide leasing services.