Tanger Outlets

Howell, Michigan

Offering Summary

  • Status: just listed
  • Price: $33,530,000
  • CAP Rate: 10%
  • GLA: 314,438 SF
  • Year(s) Built: 1996
  • 80.61% Occupied, 314,438 SF Factory Outlet Center Situated Along the I-96 Corridor Between Detroit & Lansing, MI
  • Opportunity to Acquire a Cash-Flowing Asset Well-Below Replacement Cost with Significant Upside Potential
  • Site Encompasses 41.19 Acres at the Major Junction/Exit Ramps of I-96 & M-59 with a Combined 74,000 VPD
  • Immense Value-Add Potential Via Lease-Up of Existing 60,968 Vacancy, Partial Redevelopment into Non-Retail Use(s), or Major Redevelopment and Repositioning
  • Top 10 Tenants by GLA Include H&M, Old Navy, Nike, Hanesbrands, Columbia Sportswear, Banana Republic, Gap, Polo Ralph Lauren, and Famous Footwear; Each Occupy Stores of ±8,000 – 21,000 SF and Collectively Comprise 45% of Occupied GLA
  • 1.4 Million Customer Visits in Past 12 Months with Average Customer Household Income of Customer of $94K* (Source: Placer.ai)
  • Popular Regional Shopping Destination with Over 4,900 Google Reviews Averaging 4.3 Stars
  • Conveniently Accessible from Four of the Five Largest MSAs in Michigan with a Combined Population of 5.7 Million
  • 25-40 Minute Drive to Detroit (East), Lansing (West – State Capital), Ann Arbor (South – University of Michigan) & Flint (North)
  • I-96 Runs 200 Miles East-West from Detroit to Muskegon, Connects the Top 3 MSAs in Michigan, and is a Major Intrastate Commerce Route Seeing 20 Million Travelers Annually
  • Property Pulls from a Super-Regional Trade Area of 896 Square Miles (80% of Traffic) with $94K AHHI & $74K MHHI*
  • Zero Competition in Surrounding Area – Nearest Competing Factory Outlet Center is Located 1-Hour Northeast in Auburn Hills and Retail at Next Closest Exits is Necessity-Based (Walmart, Lowe’s, Meijer, Fast Food)
  • Excellent Visibility to I-96 Traffic with Approx. 2,100 Feet of Frontage, Large Pylon Sign, Flat Topography, and Minimal Storefront Setback from the Highway
  • Approx. 40% of GLA has Highway-Facing Tenant Signage Opportunities on Rear of Buildings
  • Potential for Addition of More Pylon Signs and/or Billboards for Advertising Revenue
  • Located Just 4 Miles West of the Center of Howell, MI – County Seat of Livingston County with 34,566 Residents within 5-Mi Providing Strong Labor Base & Captive Consumer Base
  • 10-Mile Population of 80,980 with AHHI of $97,329; Livingston County is one of the Fastest Growing (+7% Since 2010) & Wealthiest Counties in Michigan
  • Additional Notable Tenants Include Tommy Hilfiger, Under Armour, Coach, White House Black Market, J. Crew, Levi’s, Guess, LOFT, Sperry, American Eagle, Michael Kors, Skechers, Eddie Bauer, Crocs, Maurices, Carter’s, Kay Jewelers, and More
  • Prominent Tenants Include Nike, Banana Republic, White House Black Market, Polo Ralph Lauren, J. Crew, Levi’s, Guess, LOFT, Sperry, H&M, Gap, American Eagle, Eddie Bauer, Crocs, Maurices, Carter’s & Kay Jewelers
  • Adjacent to Holiday Inn, Baymont by Wyndham, McDonald’s, Arby’s, Leo’s Coney Island, and MDOT Carpool Lot Within Immediate Proximity to Livingston County Airport & Surrounded by Dozens of Industrial Properties/Businesses

Erin Patton

Senior Managing Director