CHATTANOOGA, Tenn. & NORTON SHORES, Mich.--(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.
CBL & Associates Properties, Inc.
Katie Reinsmidt,
423-490-8301
Vice President - Corporate Communications and Investor
Relations
katie_reinsmidt@cblproperties.com
Source: CBL & Associates Properties, Inc.