KANSAS CITY, Mo. — Legends Outlets in Kansas City, Kansas, has been sold to a new owner.
Tanger acquired the shopping center on Tuesday for $130 million, using a $115 million CMBS loan that matures in November 2027.
The company estimates an 8% return during the first year.
"Legends in Kansas City aligns perfectly with our strategy to acquire well-located, open-air centers supported by strong residential and economic market fundamentals," Stephen Yalof, president and CEO of Tanger, said in a news release.
According to Tanger, Legends Outlets is 93% occupied.
Tanger will rename the shopping center Tanger Kansas City at Legends.
This is the fourth outlet center of seven total open-air shopping centers to join Tanger's portfolio since 2022.
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