LOUISVILLE—An already fruitful partnership between the shopping mall REIT CBL & Associates Properties and Horizon Group Properties has taken another big step forward. U.S. Bank has just closed on a $60 million loan to finance the construction of The Outlet Shoppes at Louisville. The 370,000-square-foot development, currently under construction just off Interstate 64 in suburban Simpsonville, will have more than 80 retailers and open by next summer. CBL and Horizon are co-developing the property, with Horizon responsible for leasing and management.
This is the third major retail development that U.S. Bank has financed for the Chattanooga-based CBL. Last year, for example, the bank closed a $70 million construction loan for The Outlet Shoppes at Atlanta, a 370,000-square-foot retail center developed in suburban Woodstock just north of that city by a joint venture between CBL and the Michigan-based Horizon.
The Louisville project will feature open-air style retail with marquee tenants such as Coach, J. Crew, Brooks Brothers, Michael Kors, Nike, Saks Fifth Avenue OFF 5TH and others.
“The Outlet Shoppes has been a highly-anticipated project among Louisville's businesses and residents,” says David Wombwell, senior vice president for U.S. Bank in Louisville. “This mix of high-end retailers in an outlet setting is sure to attract both residents and tourists alike.”
CBL currently owns, holds interests in or manages more than 150 properties across 31 states.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
