CBL & Associates Properties, Inc. (CBL - Snapshot Report) and Horizon Group Properties, Inc. 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 - Analyst Report), holds a Zacks #2 Rank, which translates into a short-term Buy rating.