Bridge Street Town Centre has new owners + management

bridge street holiday shopping — Tanger has acquired Bridge Street Town Centre. (Jacob Blankenship / Hville Blast)

One of Huntsville’s most popular shopping centers has a new owner. North Carolina-based real estate firm Tanger announced today it has acquired Bridge Street Town Centre and will also take over management responsibilities of the retail center.

Bridge Street had been owned and managed by Birmingham’s Bayer Properties and then by Dallas-based Centennial (which acquired Bayer last year). Tanger pruchased the shopping center for $193.5 million.

Tanger buys Bridge Street

Tanger is a leading operator of outlet and open-air retail shopping destinations, and it acquisition of the 825,000‑square-foot open-air lifestyle center is the latest addition to the company’s portfolio.

Bridge Street is Tanger’s 39th property, and is the company’s third center addition this quarter, following the grand opening of Tanger Nashville in October and the acquisition of Asheville Outlets in early November.

“We continue to leverage the strength of our retail operating, leasing and marketing platforms to create value, both in the outlet channel and through selective investments in other complementary open-air retail destinations. The addition of Bridge Street Town Centre is a natural extension of our capabilities and consistent with our long-term strategy of investing in dominant open-air retail centers in markets which benefit from outsized residential and tourism growth.”
Stephen Yalof, President and CEO of Tanger

Bridge Street Town Centre, Tanger’s first open-air lifestyle center, is more than 90 percent occupied, and Tanger management expects the center to deliver a first-year return in the mid-eight percent range, with potential for additional growth over time.