Inlet Track Record: Charter Oak Portfolio, Outlet Malls


Inlet initiated the purchase of the Charter Oak portfolio of 9 factory outlet malls containing 3.2 million square feet owned by Ohio Public Employees Retirement System and Rothschild Group.


  • Inlet brought in RFR Holding LLC as a partner and formed COP Holdings. Locker and Richards brought Blackstone Real Estate Advisors on as Financial Partners of COP Holdings. COP Holdings and Blackstone entered a joint venture with Tanger Factory Outlet Centers (NYSE: SKT) to serve as operating partner of the properties.
  • The joint venture assumed existing financing from GMAC and obtained additional preferred equity financing from GECC.
  • $491 million purchase price represented a 10% cap rate.
  • Total transaction capitalization was $512.2 million.

Tanger was granted a purchase option which they exercised, buying the equity interests and COP Holding.

Target - Charter Oak Mall project

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