CBL & Associates Properties, Inc. Partners with Horizon Group Properties to Develop The Outlet Shoppes at Laredo in Laredo, TX

CHATTANOOGA, Tenn. & NORTON SHORES, Mich.--(BUSINESS WIRE)-- CBL & Associates Properties, Inc. (NYSE: CBL), today announced that it has formed a 65/35 joint venture with Horizon Group Properties, Inc. to develop The Outlet Shoppes at Laredo in Laredo, TX. Once complete, the 358,000-square-foot project will be the only outlet center in a 180 mile radius and the closest outlet center to the 4.5 million neighboring populace in Monterrey, Mexico. The project is currently under construction with a grand opening slated for spring 2017. CBL and Horizon are co-developing the project with Horizon responsible for leasing and management.

“The Outlet Shoppes at Laredo is a great opportunity for CBL to introduce outlet shopping to the Laredo and Monterrey markets as well as the broader region and satisfy the demand for value-oriented retail options,” said Stephen Lebovitz, president and CEO, CBL & Associates Properties, Inc. “CBL has partnered with Horizon on a number of thriving outlet projects, and we look forward to another successful venture with The Outlet Shoppes at Laredo.”

The Outlet Shoppes at Laredo will feature dozens of the best names in outlet shopping. The project is nearly 80% leased with offerings that include Michael Kors, Brooks Brothers, Banana Republic, Abercrombie & Fitch, Tommy Hilfiger, Puma, Fossil, and more. The project is ideally located off of I-35 and is adjacent to a new customs bridge that provides direct access to the property.

Lebovitz added, “CBL has a strong presence and solid reputation in the Laredo market as the owner of Mall del Norte. The Outlet Shoppes at Laredo will complement the higher-end shopping experience available at Mall del Norte and further solidifies our commitment to this area. We look forward to celebrating the grand opening in March.”

“We know there is pent up demand for outlet shopping, not only in the city of Laredo, but also Nuevo Laredo and Monterrey,” said Gary J. Skoien, chief executive officer of Horizon Group Properties. “The Outlet Shoppes at Laredo will be the closest outlet center to those markets. We look forward to presenting a dynamic store mix in a beautiful two-story environment in the heart of downtown Laredo.”

The Outlet Shoppes at Laredo will contribute significantly to the local economy by creating new jobs and generating sales tax revenues. Once complete, the center is estimated to create more than 1,200 new jobs and 1,500 seasonal jobs for the community and generate more than $134 million in annual sales.

Laredo boasts the #1 inland port along the US-Mexico border with $168 billion in imports and exports. The city has been ranked as one of the Top 10 Fastest Growing Cities by Forbes and has experienced a 37% increase in retail sales over the last three years. The market is home to a number of area attractions, including world-class museums, parks, and the #1 hotel in the State of Texas, La Posada Hotel, is less than a ten-minute walk from the center. Texas A&M International University and its over 6,000 students are within a 20-minute drive of the property.

About Horizon Group Properties, Inc.

Based in Norton Shores, MI, with executive offices in Rosemont, IL, Horizon Group Properties, Inc. is an owner and developer of outlet shopping centers in eight states, developer of a master planned community in suburban Chicago, and owner and developer of Horizon Village Outlets, a 400,000 square foot outlet shopping center in Kuala Lumpur, Malaysia.

About CBL & Associates Properties, Inc.

Headquartered in Chattanooga, TN, 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 147 properties, including 92 regional malls/open-air centers. The properties are located in 31 states and total 85.7 million square feet including 8.0 million square feet of non-owned shopping centers managed for third parties. Additional information can be found at cblproperties.com.

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CBL & Associates Properties, Inc.
Stacey Keating, 423-490-8361
Director of Public Relations
[email protected]
or
Investor Contact:
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior Vice President - Investor Relations and Corporate Investments [email protected]
or
Horizon Group Properties, Inc.
Connie Dyer, 847-653-6466
Senior Vice President – Marketing
[email protected]

Source: CBL & Associates Properties, Inc.

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