Tanger, a leading retail real estate company, has recently acquired Asheville Outlets for $70 million. Originally known as Biltmore Square Mall and built in the late 1980s, this open-air shopping center was repositioned by New England Development eight years ago to become an outlet mall. With a diverse mix of brands including popular apparel and home furnishings providers, the property is currently 95% occupied.
According to management reports from Triad Business Journal, Tanger expects the center to generate a first-year return in the mid-8% range with potential for further growth over time. The impressive roster of retailers at Asheville Outlets includes well-known names such as Nike, Under Armour, American Eagle,and COACH along with national home furnishings providers like RH and West Elm.
In addition to these top brands,the center also features Sportsman’s Warehouse and Dillard’s Clearance Center (separately owned). In early January 2024,Tanger will officially transition this thriving shopping destination into Tanger Outlets Asheville.
