CHATTANOOGA, Tenn. & NORTON SHORES, Mich.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE:CBL), today announced that it
has formed a 65/35 joint venture with Horizon Group Properties, Inc. to
develop The Outlet Shoppes at Laredo in Laredo, TX. Once complete, the
358,000-square-foot project will be the only outlet center in a 180 mile
radius and the closest outlet center to the 4.5 million neighboring
populace in Monterrey, Mexico. The project is currently under
construction with a grand opening slated for spring 2017. CBL and
Horizon are co-developing the project with Horizon responsible for
leasing and management.
“The Outlet Shoppes at Laredo is a great opportunity for CBL to
introduce outlet shopping to the Laredo and Monterrey markets as well as
the broader region and satisfy the demand for value-oriented retail
options,” said Stephen Lebovitz, president and CEO, CBL & Associates
Properties, Inc. “CBL has partnered with Horizon on a number of thriving
outlet projects, and we look forward to another successful venture with
The Outlet Shoppes at Laredo.”
The Outlet Shoppes at Laredo will feature dozens of the best names in
outlet shopping. The project is nearly 80% leased with offerings that
include Michael Kors, Brooks Brothers, Banana Republic, Abercrombie &
Fitch, Tommy Hilfiger, Puma, Fossil, and more. The project is ideally
located off of I-35 and is adjacent to a new customs bridge that
provides direct access to the property.
Lebovitz added, “CBL has a strong presence and solid reputation in the
Laredo market as the owner of Mall del Norte. The Outlet Shoppes at
Laredo will complement the higher-end shopping experience available at
Mall del Norte and further solidifies our commitment to this area. We
look forward to celebrating the grand opening in March.”
“We know there is pent up demand for outlet shopping, not only in the
city of Laredo, but also Nuevo Laredo and Monterrey,” said Gary J.
Skoien, chief executive officer of Horizon Group Properties. “The Outlet
Shoppes at Laredo will be the closest outlet center to those markets. We
look forward to presenting a dynamic store mix in a beautiful two-story
environment in the heart of downtown Laredo.”
The Outlet Shoppes at Laredo will contribute significantly to the local
economy by creating new jobs and generating sales tax revenues. Once
complete, the center is estimated to create more than 1,200 new jobs and
1,500 seasonal jobs for the community and generate more than $134
million in annual sales.
Laredo boasts the #1 inland port along the US-Mexico border with $168
billion in imports and exports. The city has been ranked as one of the
Top 10 Fastest Growing Cities by Forbes and has experienced a 37%
increase in retail sales over the last three years. The market is home
to a number of area attractions, including world-class museums, parks,
and the #1 hotel in the State of Texas, La Posada Hotel, is less than a
ten-minute walk from the center. Texas A&M International University and
its over 6,000 students are within a 20-minute drive of the property.
About Horizon Group Properties, Inc.
Based in Norton Shores, MI, with executive offices in Rosemont, IL,
Horizon Group Properties, Inc. is an owner and developer of outlet
shopping centers in eight states, developer of a master planned
community in suburban Chicago, and owner and developer of Horizon
Village Outlets, a 400,000 square foot outlet shopping center in Kuala
Lumpur, Malaysia.
About CBL & Associates Properties, Inc.
Headquartered in Chattanooga, TN, 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 147 properties,
including 92 regional malls/open-air centers. The properties are located
in 31 states and total 85.7 million square feet including 8.0 million
square feet of non-owned shopping centers managed for third parties.
Additional information can be found at cblproperties.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160510006868/en/
CBL & Associates Properties, Inc.
Stacey Keating, 423-490-8361
Director
of Public Relations
Stacey.Keating@CBLProperties.com
or
Investor
Contact:
CBL & Associates Properties, Inc.
Katie
Reinsmidt, 423-490-8301
Senior Vice President - Investor Relations
and Corporate Investments katie.reinsmidt@cblproperties.com
or
Horizon
Group Properties, Inc.
Connie Dyer, 847-653-6466
Senior Vice
President – Marketing
cdyer@horizongroup.com
Source: CBL & Associates Properties, Inc.