CBL & Associates Properties Inc. today said it has acquired interests in two outlet malls for $108.7 million.
The Chattanooga-based shopping center company has acquired a 75 percent interest in The Outlet Shoppes at El Paso, Texas, and a 50 percent interest in The Outlet Shoppes at Gettysburg, Pa., officials said in a press release.
The operating outlet centers are owned and managed by Horizon Group Properties and its affiliates.
The total investment includes a cash consideration of $38.2 million, as well as the assumption of $70.5 million of debt, which represents CBL’s share.
“This acquisition allows us to grow our presence in the outlet center industry by investing in two established and successful centers,” said Stephen Lebovitz, president and chief executive officer for CBL, in a statement.
For more, see Thursday’s Times Free Press.
Mike Pare, the deputy Business editor at the Chattanooga Times Free Press, has worked at the paper for 27 years. In addition to editing, Mike also writes Business stories and covers Volkswagen, economic development and manufacturing in Chattanooga and the surrounding area. In the past he also has covered higher education. Mike, a native of Fort Lauderdale, Fla., received a bachelor’s degree in communications from Florida Atlantic University. he worked at the Rome News-Tribune before ...