CBL Partners with Horizon Group Properties to Develop The Outlet Shoppes at Oklahoma City in Oklahoma City, OK
October 20 2010 - 4:15PM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL), today
announced that it had formed a joint venture with Horizon Group
Properties, Inc. (OTC: HGPI.PK) to develop The Outlet Shoppes at
Oklahoma City in Oklahoma City, OK. Once complete, the
350,000-square-foot project will be the only outlet center in the
state of Oklahoma and the only outlet center within a 145 mile
radius. The Outlet Shoppes at Oklahoma City is currently under
construction with the grand opening scheduled for late summer 2011.
CBL and Horizon are co-developing the project with Horizon
responsible for leasing and management.
“The Outlet Shoppes at Oklahoma City is a great opportunity for
CBL to enter the outlet center business through a new project that
will be extremely successful,” said Stephen Lebovitz, president and
chief executive officer for CBL. “Outlet centers are a natural
extension of our retail expertise and provide us with attractive
growth potential. This partnership with Horizon, a recognized
outlet center developer, will provide us with access to new
relationships with outlet center retailers that will also benefit
our core mall portfolio.”
The Outlet Shoppes at Oklahoma City will feature dozens of the
best names in outlet shopping. The project is currently over 80%
leased with offerings including Saks Fifth Avenue Off 5th, Nike,
Tommy Hilfiger, Banana Republic, J. Crew, Brooks Brothers, Coach,
Guess? and more. The project is strategically located on 65 acres
at the intersection of Interstate 40 and Council Road.
Lebovitz added, “We are excited to bring outlet shopping to both
Oklahoma City and the state of Oklahoma. We look forward to
celebrating the grand opening for The Outlet Shoppes at Oklahoma
City in 2011.”
“CBL is a terrific partner for The Outlet Shoppes at Oklahoma
City,” said Gary J. Skoien, Horizon’s president and chief executive
officer. “They have created a reputation in the retail development
industry for recognizing true opportunity and we are excited to
have them become a part of this outstanding project.”
CBL has received a $48.9 million construction loan commitment
from U.S. Bank for the project. The loan will have an initial term
of three years, with two one-year extension options.
The Outlet Shoppes at Oklahoma City 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 new jobs for the community and
generate more than $110 million in annual sales.
Oklahoma City lies in the center of the United States at the
junction of three major national interstates: I-35, I-40 and I-44.
The metropolitan area serves as the entertainment and social
capital of the area with professional sports, rodeos and
world-class museums. The city is the nation’s 29th largest and is
the host to over six million tourists a year. Within an hour’s
drive of the center are three major universities with over 100,000
students and Tinker Air Force Base, one of the world’s largest air
depots.
Persons interested in learning more about available outparcels
should contact Phil McNeely, Director of Peripheral Property by
telephone at 423-490-8304 or by email at
phil_mcneely@cblproperties.com.
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 84 regional
malls/open-air centers. The properties are located in 28 states and
total 85.6 million square feet including 2.8 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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