Tanger, Peterson Cos. to Develop Upscale Outlet Center in Clarksburg
By Adrian Maties, Associate Editor
Greensboro, N.C.-based REIT Tanger Factory Outlet Centers Inc. and The Peterson Cos., one of the largest privately owned real estate development companies in the Washington, D.C., region, on April 16 announced they have joined forces to bring a new, upscale outlet center to the Washington, D.C., metro area.
The new outlet center will be branded as a Tanger Outlets. It will be located at the interchange of I-270 and Stringtown Road in Clarksburg, Md., 27 miles northwest of Washington, D.C., and 36 miles west of Baltimore. Currently, the outlet center is in the pre-development stage.
Tanger Outlet Centers and The Peterson Cos. will co-own the property. The two companies will provide site development and construction supervision services. Tanger will also manage, lease and market the retail space. For the time being, the developers have not released any information regarding the project’s cost or size.
“This partnership with Peterson Cos. is strategically designed to deliver a world-class outlet center to this exciting Mid-Atlantic market. We believe this new Tanger Outlet Center will be a must-visit value destination and an exceptional experience for our shoppers,” said Steven Tanger, Tanger’s president & CEO, in a statement to the press.
“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,” added Taylor Chess, senior vice president of retail for Peterson Cos.
Tanger Outlet Centers and The Peterson Cos. are also jointly developing Tanger Outlets National Harbor, on which they broke ground in November. The $100 million center is one of the largest economic development projects in the county and will create an estimated 600 jobs during construction and almost 1,000 full- and part-time retail jobs upon completion. With 350,000 square feet of retail space, it is expected to open for the 2013 holiday season and will be home to more than 80 retailers. According to Marcus & Millichap, this year the Washington, D.C., metro area planned store openings will reach a three-year high.
Photo credits: The Peterson Cos.
Charts courtesy of Marcus & Millichap.
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Tags: commercial real estate, construction, Development, economy, retail