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Tanger Outlet Centers And Peterson Companies Announce Plans To Develop Upscale Outlet Center

Stocks in this article: SKT

GREENSBORO, N.C., April 16, 2013 /PRNewswire/ -- Tanger Factory Outlet Centers, Inc., (NYSE:SKT) and Peterson Companies announced today plans to develop an upscale outlet center in Clarksburg, Maryland. This announcement follows the two companies' successful groundbreaking and ongoing development of Tanger Outlets National Harbor scheduled to open for Holiday 2013.

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The new outlet center, currently in the pre-development stage, will be co-owned by Tanger Outlet Centers and Peterson Companies and will be branded as Tanger Outlets. Tanger and Peterson expect to jointly provide site development and construction supervision services to the venture. Tanger Outlet Centers expects to provide management services, leasing and marketing for the outlet project.

The highly visible outlet parcel is located 27 miles northwest of Washington, D.C. and 36 miles west of Baltimore at the interchange of I-270 & Stringtown Road in Clarksburg, Maryland.  I-270 is the major north/south interstate feeding Montgomery County, metro DC, Baltimore and Frederick, Maryland.

"This partnership with Peterson Companies is strategically designed to deliver a world class outlet center to this exciting Mid-Atlantic market. We believe this new Tanger Outlet Center will be a must-visit value destination and an exceptional experience for our shoppers," said Steven B. Tanger, President and Chief Executive Officer of Tanger Factory Outlet Centers, Inc. 

"We have a strong track record of creating dynamic lifestyle centers in Montgomery County and we are excited about the opportunity to incorporate Tanger Outlets into our vision for a dynamic mixed-use project that Clarksburg will be proud of," said Taylor O. Chess, Senior Vice President - Retail, Peterson Companies.

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