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Tanger buys outlet center from Simon Property

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Tanger Factory Outlet Centers Inc. said Tuesday it bought an Ohio outlet shopping center from Indianapolis-based Simon Property Group Inc. for $134 million.

Greensboro, N.C.-based Tanger said it used a $150 million bridge loan from Wells Fargo to make the purchase. CEO Steven Tanger said the center "should provide an accretive investment for our shareholders" and marks the company's first outlet center in Ohio.

The Prime Outlets at Jeffersonville has more than 90 stores in five buildings totaling 410,000 square feet.

Simon is making the deal to comply with a Federal Trade Commission requirement. The FTC ordered Simon to divest one of its two outlet centers in southwest Ohio for competition-related reasons last year after Simon acquired Prime Outlets Acquisition Co. for about $2.3 billion.

Shares of Tanger, a real estate investment trust, fell 48 cents, or 1.8 percent, to close at $26.10; while Simon shares rose 28 cents to finish at $114.04.

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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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