LYCOS RETRIEVER 
Tanger: New York
built 627 days ago
Tanger continues the development and leasing of two previously announced sites located in Washington County, south of Pittsburgh, Pennsylvania and in Deer Park (Long Island), New York. The company has closed on the acquisition of the Pittsburgh development site land and site work is ongoing at this time. Tenant interest in the Pittsburgh project remains strong, with leases for approximately 68% of the 308,000 square foot first phase signed and an additional 23% out for signature. The company currently expects delivery of the initial phase in the second quarter of 2008, with stores opening in the third quarter of 2008. The Pittsburgh center will be wholly owned by Tanger.
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Tangier (Tanger) is ideally situated to become the major gateway between Europe and Africa. And Tanger (Tangier) City Center is set to become a new landmark for the city centre of Tanger (Tangier).
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Tanger continues the development and leasing of two previously announced sites located in Washington County, south of Pittsburgh, Pennsylvania and in Deer Park (Long Island), New York. Construction at the Pittsburgh project is ongoing at this time. In response to strong tenant demand for space, Tanger has increased the size of the initial phase from 308,000 square feet to 370,000 square feet, with leases for approximately 61% of the first phase signed and an additional 20% out for signature. The company currently expects delivery of the initial phase in the second quarter of 2008, with stores opening in the third quarter of 2008. The Pittsburgh center will be wholly owned by Tanger.
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Tanger management expects to drive net operating income on the Charter Oaks properties by rebranding them as Tanger centers, adding carts and kiosks and bringing in newer, higher-end tenants. But 49 percent of the acquired portfolio's occupied square footage will roll over in the next 27 months, and Tanger needs to effectively lease 1.5 million extra square feet just to maintain its current 93 percent occupancy level.
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The Business Centre will look to provide facilities for all the new enterprises starting in Tangier (Tanger). It will provide a Convention Centre, Meeting Rooms, a coffee shop and restaurant as well as serviced offices available by the hour.
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