NORTON SHORES, Mich. and
CHATTANOOGA, Tenn., Oct. 20 /PRNewswire-FirstCall/ -- Horizon Group
Properties, Inc. (Pink Sheets: HGPI) today announced that it has
formed a joint venture with CBL & Associates Properties, Inc.
(NYSE: CBL) 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 145 miles of Oklahoma City. The Outlet Shoppes at
Oklahoma City is currently under
construction with its grand opening scheduled for August 5, 2011. Horizon and CBL are co-developing
the project; Horizon will also be responsible for construction,
leasing and management.
"Oklahoma City is a terrific
market in need of a top-quality outlet center," said Gary J. Skoien, Horizon's president and chief
executive officer. "We are bringing the most desirable brand
names to the best location in the city for an outlet center."
The project is strategically located on 65 acres at the
intersection of Interstate 40 and Council Road.
"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, Levi's and more.
Skoien added, "Oklahoma City
has a healthy and growing economy, with major employers in the
energy, agricultural and government sectors. The region is
currently under-retailed with strong demand for the new to the
market brands that will be featured at The Outlet Shoppes. We look
forward to celebrating the grand opening August of 2011. "
The joint venture has received a commitment for a $48.9 million construction loan 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 economy by
creating new jobs and generating sales tax revenue. Once complete,
it is estimated that the center will create more than 1,000 new
jobs 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 interstate highways: I-35, I-40
and I-44. The metropolitan area is 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.
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 27 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.
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.
Safe Harbor Statement: The statements contained herein, which
are not historical facts, are forward-looking statements based upon
economic forecasts, budgets, and other factors which, by their
nature, involve known risks, uncertainties and other factors which
may cause the actual results, performance or achievements of
Horizon Group Properties, Inc. to be materially different from any
future results implied by such statements. In particular, among the
factors that could cause actual results to differ materially are
the following: business conditions and the general economy,
competitive factors, interest rates and other risks inherent in the
real estate business.
SOURCE Horizon Group Properties, Inc.
Copyright . 20 PR Newswire