CBL & Associates Properties, Inc. and Horizon Group Properties Announce Grand Opening of The Outlet
CBL & Associates Properties, Inc. and Horizon Group Properties Announce Grand Opening of The Outlet Shoppes at Atlanta
99 Stores Open at Center
CHATTANOOGA, Tenn. & ATLANTA--(BUSINESS WIRE)-- CBL & Associates Properties, Inc. (NYS: CBL) and Horizon Group Properties, Inc. (OTC: HGPI.PK) today celebrated the Grand Opening of The Outlet Shoppes at Atlanta with a ribbon cutting ceremony held at 10:00 a.m. EDT.
The center opened approximately 97% leased or committed featuring the best-known brands and designer outlets, including Nike, Saks Fifth Avenue OFF 5TH, Bose, Brooks Brothers, Calphalon, Columbia Sportswear, True Religion, Cole Haan, White House | Black Market, Guess, Fossil, Michael Kors, Kate Spade, Under Armour, and Talbots.
"The Outlet Shoppes at Atlanta brings the best outlet retailers together in an ideal location," said Stephen Lebovitz, president and chief executive officer of CBL. "We are experiencing a blockbuster opening and are confident that the center will become a favored retail destination for Atlanta metro residents and tourists as well as shoppers from surrounding states."
"We are excited about the Atlanta market and the first-rate line up of stores we have assembled. This center is conveniently accessible by the large Atlanta tourist market as well as being nearer the bulk of the region's population than other outlets in the region," said Gary J. Skoien, chief executive officer of Horizon Group Properties.
The Grand Opening activities will run through July 21 and will feature live entertainment by popular area musicians, store promotions, giveaways and more. The weekend entertainment will conclude with a live concert Sunday afternoon by Watermark. Special hours for the Grand Opening weekend are Thursday thru Saturday 10 a.m. - 10 p.m. and Sunday 11 a.m. - 7 p.m.
The Outlet Shoppes at Atlanta is located north of Atlanta at the newly constructed exit off I-575 at Ridgewalk Parkway in Woodstock. More than 112,000 cars pass the site daily. The center is convenient to travelers on Interstates 75, 85 and 20 and is expected to draw over four million visitors annually from a three-state area.
Designed in a shopper-friendly configuration, the center features covered walkways and landscaped courtyards to maximize the comfort and convenience of shoppers. Its design blends traditional architecture with lively features including a children's play area. A center court, complete with fountains and a fireplace, will create a festive atmosphere for shoppers and visitors to the center. The site can accommodate an additional 30,000 square feet of outlet shops and also features seven parcels for restaurants, service businesses and other retail uses.
The center is projected to generate more than $130 million in annual sales and $3 million of sales and property taxes for the City of Woodstock. The development and operation of the center is expected to generate a total of $34 million in taxes, which will benefit the City of Woodstock, Cherokee County and its school district over the next ten years.
The Outlet Shoppes at Atlanta is a joint venture of CBL & Associates Properties, Inc. and Horizon Group Properties, Inc. Horizon and CBL are co-developers of the project; Horizon is responsible for leasing, marketing and managing the center.
About Horizon Group Properties, Inc.
Based in Norton Shores, Michigan with executive offices in Rosemont, Illinois, Horizon Group Properties, Inc. is a leading owner and developer of factory outlet shopping centers in the United States and Asia 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 97 regional malls/open-air centers. The properties are located in 31 states and total 93.0 million square feet including 10.5 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), TX, and St. Louis, MO. Additional information can be found at cblproperties.com.
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior Vice President - Investor Relations and Corporate Investments
Horizon Group Properties, Inc.
Gina Slechta, 402-991-0875
SCMD Vice President of Marketing
KEYWORDS: United States North America Georgia Tennessee
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