CBL-HGPI Forms JV to Open Center - Analyst Blog
November 13 2012 - 10:28AM
Zacks
CBL & Associates Properties, Inc. (CBL) and
Horizon Group Properties, Inc.
(HGPI) recently announced the Grand Opening of a 27,800 square foot
expansion at The Outlet Shoppes at Oklahoma City.
This shopping center is a joint venture between both the
companies. Spanning 348,600 square feet, the mall is located at the
intersection of Interstate-40 and Council Road. This is the first
expansion at the 100% leased shopping center since its opening in
August 2011.
This latest expansion is likely to benefit the partners by
capitalizing on the continuous growth opportunities in the Oklahoma
market. The Outlet Shoppes provide the residents in this area with
fashionable merchandise from various designers and branded stores.
The outlet is expected to provide high-quality retail options to
consumers and is likely to have a positive impact on the
marketplace in the long run.
The center has the option of being further expanded by 31,700
square feet. The joint-venture partners expect to add on more new
stores based on the steady demand by the local population and also
by tourists and visitors.
Headquartered in Chattanooga, Tennessee, CBL is one of the
largest and most active owners and developers of malls and shopping
centers in the United States. CBL owns and manages 164 properties,
including 95 regional malls/open-air centers.
Based in Norton Shores, Michigan, Horizon Group is a leading
owner and developer of factory outlet shopping centers in the
United States and Asia.
CBL currently retains a Zacks #3 Rank, which translates into a
short-term Hold rating. We also have our long-term Neutral
recommendation on the stock. One of its competitors, Simon
Property Group Inc (SPG), holds a Zacks #2 Rank, which
translates into a short-term Buy rating.
CBL&ASSOC PPTYS (CBL): Free Stock Analysis Report
(HGPI): ETF Research Reports
SIMON PROPERTY (SPG): Free Stock Analysis Report
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