CBL & Associates Properties, Inc. Partners with Horizon Group Properties to Develop The Outlet Shoppes
at Laredo in Laredo, TX
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.
CBL & Associates Properties, Inc.
Stacey Keating, 423-490-8361
Director of Public Relations
Stacey.Keating@CBLProperties.com
or
Investor Contact:
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior Vice President - Investor Relations and Corporate Investments katie.reinsmidt@cblproperties.com
or
Horizon Group Properties, Inc.
Connie Dyer, 847-653-6466
Senior Vice President – Marketing
cdyer@horizongroup.com
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