Chattanooga-based CBL buys interest in two outlet malls

Chattanooga-based CBL buys interest in two outlet malls

April 18th, 2012 by Mike Pare in Local - Breaking News

The headquarters of CBL and Associates is located next to Hamilton Place Mall in East Brainerd.

Photo by Tim Barber/Times Free Press.

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.