Marina
Legends Outlets Kansas City, one of the region’s premier shopping destinations, has officially been sold for $130 million to retail real estate giant Tanger.
The acquisition marks a major shift for the popular open-air retail hub, which will now be rebranded as Tanger Kansas City at Legends.
This strategic purchase signals Tanger’s continued expansion into high-performing open-air centers supported by strong residential and economic market fundamentals.
Deal Details and Financials
The transaction closed on Tuesday, with Tanger funding the purchase using a $115 million CMBS loan set to mature in November 2027.
The company has projected a first-year return of approximately 8%, demonstrating strong confidence in the center’s revenue-generating capacity.
| Detail | Information |
|---|---|
| Purchase Price | $130 million |
| Loan Amount | $115 million (CMBS loan) |
| Loan Maturity | November 2027 |
| Projected Return | 8% in Year 1 |
| Occupancy Rate | 93% |
Stephen Yalof, Tanger’s president and CEO, stated that Legends aligns perfectly with the company’s strategy to acquire well-located, open-air centers in growing markets.
About Legends Outlets Kansas City
Legends Outlets is a major retail, dining, and entertainment destination located in Kansas City, Kansas, serving millions of shoppers annually from across the metro region and beyond. It has long been known for its mix of outlet stores, full-price retailers, restaurants, and family entertainment venues.
Currently 93% leased, Legends boasts a strong and diverse tenant mix, contributing to steady foot traffic and sales performance. Its location within the Village West district—close to the Kansas Speedway and Children’s Mercy Park—has helped make it a regional economic anchor.
The shopping center features:
- More than 75 outlet and retail stores
- Dining and entertainment venues
- An open-air, walkable design appealing to modern consumers
Tanger’s Expansion Strategy
This purchase marks Tanger’s fourth outlet center acquisition since 2022 as the company shifts toward building a portfolio of open-air lifestyle and outlet destinations. The company, historically known for its outlet malls, is diversifying into mixed-use centers with stronger ties to local communities.
| Tanger Portfolio Stats | Number |
|---|---|
| Total Open-Air Centers Acquired Since 2022 | 4 |
| Total Centers Operated (Post-Acquisition) | 7 |
| New Property Name | Tanger Kansas City at Legends |
Tanger plans to leverage its national retail relationships and operational expertise to drive even higher occupancy and boost consumer engagement at the newly rebranded Tanger Kansas City at Legends.
Economic Impact on the Region
Local officials and business leaders see the acquisition as a vote of confidence in Kansas City’s economic future. The deal:
- Brings new capital investment into the area
- Could create new retail jobs and enhance tourism traffic
- Strengthens the Village West entertainment and retail corridor, already a major revenue generator for Wyandotte County
The center’s high occupancy and prime location make it a key asset in the regional retail market. With Tanger’s marketing and operational muscle, industry experts anticipate increased brand visibility and shopper traffic in the coming years.
The $130 million sale of Legends Outlets to Tanger marks a new chapter for one of Kansas City’s most popular retail destinations.
With a new name, national backing, and strategic investment, the soon-to-be Tanger Kansas City at Legends is poised for growth, modernization, and enhanced consumer experiences.
This acquisition underscores Kansas City’s rising profile as a thriving retail and economic hub in the Midwest.