03:36 AM EST, 12/11/2024 (MT Newswires) -- Tanger ( SKT ) said late Tuesday it has acquired The Promenade at Chenal, a 270,000-square-foot open-air shopping center in Little Rock, Arkansas, for about $73 million.

The shopping center is Tanger's ( SKT ) first location in Arkansas.

Tanger ( SKT ) said it used cash on hand and available liquidity to fund the acquisition. The company estimates that the shopping center will deliver an 8% return during the first year.