| Tangers Factory Outlet Centers' latest 10Q filing shows it's buying two Cordish Cos-owned retail properties in Ocean City, MD and Atlantic City, NJ totaling 694k SF for $125M in cash. Tangers will take on $75M in debt spread across three mortgages as part of the deal (the interest rates range from 5.14% to 7.65%). What does it say about the retail investment sales market? KLNB's Gil Neuman tells us it continues to reflect a dearth of available quality assets. "There's lots of cash chasing very few deals right now," Gil says, "and Cordish usually doesn't sell much. They're acting on the high demand and low supply out there." Earlier this month Tangers paid an $11.8M cash deposit; in a statement, Cordish's Gary Block said his company will have control over future development at the Atlantic City center, and he expects plenty. (Did anybody run this past Donald Trump?) |
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