Tanger Factory Outlet Centers Inc. has increased its ownership stake in the Tanger Outlet at Deer Park, the company announced.
The Greensboro, N.C.-based real estate investment trust bought the one-third interest in the Deer Park location from Syosset-based Blumenfeld Development Group for $13.4 million in cash and 450,576 Class A shares of Tanger stock. The deal was worth about $27.46 million at the end of trading day Wednesday.
Tanger now owns two-thirds of the Deer Park outlet center, and Blumenfeld owns one-third, with the option of selling the stake to Tanger in the future, according to a news release Tuesday.
With the controlling interest, Tanger will now oversee management, leasing, marketing and other operations at the Deer Park property. In a news release, Tanger chief executive Steven Tanger said he hopes to upgrade the tenant mix at the outlet.
The Deer Park location currently has 96 outlet stores, 10 restaurants and a movie theater. There are two Tanger outlets on Long Island -- the other is in Riverhead.