Lewis of CW Landmark brokers $40 million sale of Tanger Outlets

Westbrook, CT CW Landmark brokered the sale of Tanger Outlets, a 290,000 s/f retail center with seven vacant surrounding parcels. For a purchase price of $40 million, the property was acquired by Luxembourg-based Hoche Partners Real Estate.

Ralph Lewis III, sole broker on the deal, connected the buyer and seller.  “The value is always in off-market opportunities,” he said.  “Matching a buyer to a property that fits in their portfolio and that isn’t available on the open market…that’s when a broker creates a solution, not just a sale.”

The town center features dozens of brands and even a selection of service destinations, including Marquee Cinemas.  H & M will soon join the roster of tenants, as the clothing company signed a new lease earlier this year.

Though CW Landmark’s annual transaction total has maintained a two-digit habit since inception – with sales of $23 million in 2016 and $26 million in 2015 – Tanger is a gamechanger only two quarters into the year.

“We want investors to know that we are more than a typical commercial brokerage firm.  We’re a purveyor of deals they haven’t seen before,” Lewis said.  With $89 million in sales in two and a half years, buyers and sellers are viewing the results of Lewis’ words.