This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Tanger Outlet Centers And Simon Property Group Announce A Joint Venture To Develop A Tanger Outlet Center South Of Houston, Texas

Stocks in this article: SKTSPG

GREENSBORO, N.C. and INDIANAPOLIS, June 30, 2011 /PRNewswire/ -- Tanger Factory Outlet Centers, Inc., (NYSE: SKT) and Simon Property Group, Inc., (NYSE: SPG) announced today that they have entered into a definitive 50/50 joint venture agreement for the development, construction, leasing and management of a Tanger Outlet Center south of Houston, Texas.

Tanger Outlets ( Texas City, TX) will be located approximately 30 miles south of Houston and 20 miles north of Galveston on the highly traveled Interstate 45 (100,000 vehicles per day), Exit 17 at Holland Road.  Houston is currently the fourth largest U.S. city, the largest in the state of Texas, and is a major business, financial, science and technology center with a diverse economic base. Galveston is a popular Gulf Coast getaway destination with 32 miles of beaches, restaurants and top resort hotels, attracting over 5 million visitors each year.

When completed, the center will play host to over 90 brand name and designer outlet stores in the first phase of approximately 350,000 square feet.  The center is on 55 acres with ample room for future expansion of approximately 120,000 square feet, for a total build out of approximately 470,000 square feet.  It is anticipated that the announcement of tenants and ground breaking ceremonies will take place in July of 2011 with the Grand Opening taking place approximately 12 months after the start of construction.

"We believe that Tanger and Simon will jointly develop a successful outlet center on this highly visible location south of Houston," stated David Simon, Chairman and Chief Executive Officer of Simon Property Group, Inc.

Steven B. Tanger, President and Chief Executive Officer of Tanger Outlet Centers, Inc., commented, "The opportunity to build a Tanger Outlet Center south of Houston makes perfect sense.  Our partnership with Simon will provide our retail partners with what we believe is the best location and strongest development.  When built, we will offer residents and visitors to this region one of the nation's best brand name and designer outlet shopping centers with today's style and fashion trends at the best values every day."

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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs