CBL and Horizon Form New JV
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.
The project is currently over 80 percent 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.
CBL has received a $48.9m construction loan commitment from US Bank for the project. The loan will have an initial term of three years, with two one-year extension options.
Stephen Lebovitz, president and CEO of CBL, said: “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.
“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.”
Gary Skoien, president and CEO of Horizon, said: “CBL is a terrific partner for The Outlet Shoppes at Oklahoma City. 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.”
Will the new JV enhance market share of the firms?
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