Greensboro, North Carolina-based Tanger Inc. has acquired Legends Outlets, an approximately 690,000-square-foot open-air outlet center in Kansas City, Kansas, for about $130 million.
The $130 million purchase price was raised from available liquidity and included the assumption of a $115 million CMBS loan that matures in November 2027. In addition, the firm settled approximately $70 million of previously issued forward equity. Walton Street Capital previously owned the asset.
The outlet center was 93 percent leased at the time of sale. Located at 1843 Village W. Parkway, the property features more than 100 stores, restaurants and entertainment venues. Legends is also the retail anchor of Village West, a 1,500-acre master-planned community.
The property also has a Residence Inn by Marriott—for which Tanger is the ground lessor—along with the separately owned Legends 267 Apartments and shadow anchors Target, ALDI and JCPenney. The development includes the Kansas Speedway, Hollywood Casino, Azura Amphitheatre, Great Wolf Lodge, Margaritaville Hotel and the HomeField KCK youth sports complex.
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