CBL & Associates Makes Strategic Investments in Two Outlet Centers
18 April 2012 - 11:00PM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL), today
announced that it had acquired interests in The Outlet Shoppes at
El Paso in El Paso, TX, and The Outlet Shoppes at Gettysburg in
Gettysburg, PA. The operating outlet centers are owned and managed
by Horizon Group Properties and its affiliates.
CBL has acquired a 75% interest in The Outlet Shoppes at El Paso
and a 50% interest in The Outlet Shoppes at Gettysburg, for a total
investment of $108.7 million. The total investment includes a cash
consideration of $38.2 million, as well as the assumption of $70.5
million of debt, which represents CBL’s share.
“This acquisition allows us to grow our presence in the outlet
center industry by investing in two established and successful
centers,” said Stephen Lebovitz, president and chief executive
officer for CBL. “With our expanded presence, outlet centers will
provide an increasing source of growth for the CBL portfolio. Our
partnership with Horizon has already been extremely encouraging,
both with the outstanding performance of our center in Oklahoma
City and with our new development start near Atlanta. We are
excited to expand our commitment to this fast-growing format.”
CBL currently owns a 75% interest in The Outlet Shoppes at
Oklahoma City in Oklahoma City, OK, which opened 100% leased in
August 2011. The 350,000-square-foot outlet center features Saks
Fifth Avenue OFF 5TH, Nike, Tommy Hilfiger, Banana Republic, Brooks
Brothers, Coach, Guess?, J. Crew, Michael Kors and more. The Outlet
Shoppes at Oklahoma City is the only outlet center in the state of
Oklahoma and the only outlet center within a 145 mile radius.
CBL is also a 75% partner in the development of The Outlet
Shoppes at Atlanta in Woodstock, GA, located in a northern suburb
of Atlanta. The 370,000-square-foot development is currently more
than 70% leased or committed with key retailers such as Saks Fifth
Avenue OFF 5TH, Nike, J. Crew, Nine West, Brooks Brothers, Johnston
& Murphy, Levi’s, Skechers, Chico’s, Guess?, Michael Kors,
Puma, Under Armour and more. Construction is slated to begin this
spring, with a late summer 2013 opening.
About The Outlet Shoppes at El
Paso
The Outlet Shoppes at El Paso is a 378,000-square-foot outlet
center located on I-10 between El Paso and Las Cruces, NM. The
center was 99.6% occupied at December 31, 2011 and draws customers
from a 300 mile radius including the more than 2.3 million
residents of Juarez, Mexico. The Outlet Shoppes at El Paso features
more than 80 stores including Aeropostale, BCBG, Banana Republic,
Brooks Brothers, Coach, GAP, Kenneth Cole, Nike, Tommy Hilfiger and
more.
About The Outlet Shoppes at
Gettysburg
The Outlet Shoppes at Gettysburg is a 250,000-square-foot outlet
center located along Highway 15. The nearby Gettysburg National
Military Park draws over 2.3 million visitors annually. The
shopping center is known for its Civil War era architecture. The
Outlet Shoppes at Gettysburg was 98.2% occupied at December 31,
2011 and features over 70 brand name stores including GAP, Van
Heusen, Brooks Brothers, Tommy Hilfiger, Old Navy, Under Armour and
IZOD as well as the Village Stadium 10 Cinema.
About Horizon Group Properties,
Inc.
Based in Norton Shores, Michigan with executive offices in
Rosemont, Illinois, Horizon Group Properties, Inc. is a leading
owner and developer of factory outlet shopping centers and is the
developer of a master planned community in suburban Chicago. For
more information, please visit www.horizongroup.com.
About CBL & Associates Properties,
Inc.
CBL is one of the largest and most active owners and developers
of malls and shopping centers in the United States. CBL owns, holds
interests in or manages 157 properties, including 89 regional
malls/open-air centers. The properties are located in 27 states and
total 86.4 million square feet including 3.6 million square feet of
non-owned shopping centers managed for third parties. Headquartered
in Chattanooga, Tenn., CBL has regional offices in Boston
(Waltham), Mass., Dallas (Irving), Texas, and St. Louis, Mo.
Additional information can be found at cblproperties.com.
Information included herein contains "forward-looking
statements" within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company's various filings with the Securities and Exchange
Commission, including without limitation the Company's Annual
Report on Form 10-K and the "Management's Discussion and Analysis
of Financial Condition and Results of Operations" incorporated by
reference therein, for a discussion of such risks and
uncertainties.
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