CBL & Associates invests in two outlet centers
Chattanooga, Tenn. -- CBL & Associates Properties announced it has acquired interests in The Outlet Shoppes at El Paso in El Paso, Texas, 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.
“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 CEO 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, and a 75% interest in the development of The Outlet Shoppes at Atlanta in Woodstock, Ga., located in a northern suburb of Atlanta.