WESTBROOK, CT – Earlier this month, CW Landmark brokered the sale of Westbrook’s Tanger Outlets, a 290,000 square foot 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 A Lewis III, sole broker on the deal, connected the buyer and seller. “The value is always in off-market opportunities,” he commented. “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.”
As Connecticut shoppers are scrupulously aware, the Westbrook center features dozens of brands and even a selection of service destinations, including Marquee Cinemas. H & M will soon join the roster of credit-worthy tenants, as the popular clothing company signed a fresh 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 physical results of Lewis’ words.