Tanger Outlet Centers and Peterson Companies Announce Plans to Develop Upscale
The new Tanger Outlet Center will be located in Clarksburg, Maryland and will
serve the Washington, D.C. metro market
GREENSBORO, N.C., April 16, 2013
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.
(Logo: http://photos.prnewswire.com/prnh/20120907/CL70706LOGO-b )
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 excitingMid-Atlantic market. We believe
this new Tanger Outlet Centerwill 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,
About Peterson Companies
Peterson Companies is one of the largest privately-owned real estate
development companies in the Washington, DC region and offers fully-integrated
development and management services for commercial office, residential and
retail real estate. The company is responsible for some of the most prominent
and successful mixed-use, residential and office developments in Northern
Virginia and Maryland including National Harbor, Downtown Silver Spring,
Washingtonian Center, Fairfax Corner , Fair Lakes, Burke Centre and Tysons
McLean Office Park. Founded by Milt Peterson over 30 years ago, the company
has an extensive two million square foot development pipeline throughout the
Washington DC region. For more information about the company please visit
About Tanger Factory Outlet Centers, Inc.
Tanger Factory Outlet Centers, Inc. is a publicly-traded REIT headquartered in
Greensboro, North Carolina that operates and owns, or has an ownership
interest in, a portfolio of 43 upscale outlet shopping centers in 26 states
coast to coast and in Canada, totaling approximately 12.9 million square feet
leased to over 2,700 stores operated by more than 460 different brand name
companies. More than 180 million shoppers visit Tanger Factory Outlet Centers
annually. For more information on Tanger Outlet Centers, call 1-800-4TANGER or
visit the company's web site at www.tangeroutlet.com.
This news release contains forward-looking statements within the meaning of
federal securities laws. These statements include, but are not limited to, the
scheduled opening of Tanger Outlets National Harbor by Holiday 2013, the
development and opening of a new center in Clarksburg, MD and the anticipated
success of the center, as well as other statements regarding management's
beliefs, plans, estimates, intentions, and similar statements concerning
anticipated future events, results, circumstances, performance or expectations
that are not historical facts. These forward-looking statements are subject to
risks and uncertainties, and therefore, actual results could differ materially
from those projected. For a more detailed discussion of the factors that
affect the operating results of Tanger, interested parties should review
Tanger's Annual Report on Form 10-K for the fiscal year ended December 31,
2012. Those factors include, but are not limited to, the risks associated with
general economic and local real estate conditions, each company's ability to
meet its obligations on existing indebtedness or refinance existing
indebtedness on favorable terms, the availability and cost of capital, each
company's ability to lease its properties or to meet its minimum pre-leasing
hurdles on proposed new developments, each company's inability to collect rent
due to the bankruptcy or insolvency of tenants or otherwise, and competition.
Quentin N. Pell
Director of Public Relations and Communications
Tanger Outlet Centers®
SOURCE Tanger Factory Outlet Centers, Inc.
Press spacebar to pause and continue. Press esc to stop.