Joint Venture Builds on the Tremendous Success of The Outlet Shoppes
at Oklahoma City
CHATTANOOGA, Tenn. & NORTON SHORES, Mich.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL), today announced that it
has formed a 75/25 joint venture with Horizon Group Properties, Inc.
(OTC: HGPI) to develop The Outlet Shoppes at Atlanta in Atlanta
(Woodstock), GA. Once complete, the 370,000-square-foot project will be
the premier outlet destination for tourists and residents of Atlanta and
the surrounding area. Construction is expected to begin in spring 2012,
with the grand opening scheduled for late summer 2013. CBL and Horizon
are co-developing the project with Horizon responsible for leasing and
management.
“We are pleased to grow our presence in the outlet industry by
partnering with Horizon Group to develop The Outlet Shoppes at Atlanta,”
said Stephen Lebovitz, president and chief executive officer for CBL.
“Retail interest is very strong and leases have already been executed
with some of the best names in the outlet business today. We are
confident that The Outlet Shoppes at Atlanta will be a terrific
investment for CBL.”
The Outlet Shoppes at Atlanta is currently more than 70% leased or
committed with must-have outlet retailers such as Saks Fifth Avenue OFF
5TH, Nike, J. Crew, Nine West, Brooks Brothers, Johnston and Murphy,
Levis, Skechers, Chico’s, Guess, Michael Kors, Puma, Under Armour and
more. The project is well-located in a northern suburb of Atlanta off
Interstate 575 and Ridgewalk Parkway.
“Atlanta is one of the best outlet markets in the country and we have
the best location for the development of what will be Atlanta’s premiere
outlet center,” said Gary J. Skoien, Horizon’s president and chief
executive officer. “CBL is a fantastic partner and we look forward to
building on the success of The Outlet Shoppes of Oklahoma City which we
recently completed in a similar joint venture with CBL.”
The Outlet Shoppes at Atlanta will contribute significantly to the
area’s local economy by creating new jobs and generating sales tax
revenues. Once complete, the center is estimated to create more than
1,000 jobs for the community and generate more than $130 million in
annual sales.
The Outlet Shoppes at Atlanta will be located in Woodstock, GA, a
northern suburb of Atlanta in Cherokee County. The county is rated as
one of the fastest growing counties in the nation by American Business
Chronicle and US Census. Atlanta has more than 5.4 million residents in
the metropolitan area and is one of the most visited cities in the
United States, with more than 35 million tourists annually. The area is
home to nearly 20 colleges and universities with over 175,000 full time
college students. In addition, Atlanta features the world’s busiest
airport, Hartsfield – Jackson Atlanta International Airport.
About Horizon Group Properties, Inc.
Based in Norton Shores, Michigan with executive offices in Rosemont,
Illinois, Horizon Group Properties, Inc. is an 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 159 properties, including 87 regional malls/open-air centers.
The properties are located in 26 states and total 86.3 million square
feet including 3.4 million square feet of non-owned shopping centers
managed for third parties. Headquartered in Chattanooga, TN, CBL has
regional offices in Boston (Waltham), MA, 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.