X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROSELAND, NJ-Chelsea Property Group, based here, has completed a public offering of 1.2 million shares of common stock, garnering $42.10 per share from the sale. Merrill Lynch & Co. was the sole underwriter for the offering.

According to officials of the shopping center REIT, the shares will be issued under the terms of an effective shelf registration statement that was previously filed with the Securities and Exchange Commission. The net proceeds of the sale, said to be in the vicinity of $49.5 million before offering expenses are subtracted, will be used to repay unsecured bank loans relating to the company’s recent acquisition of The Crossings Factory Stores in the Poconos region of Pennsylvania. CPG paid Outletter Associates $111 million for the 400,000-sf asset in a deal that closed earlier this week.

Altogether, CPG’s current portfolio of wholly or partially owned properties amounts to 59 shopping centers, a number of them operated under the company’s Premium Outlet brand. Amounting to almost 15 million sf, the properties are located in 31 states and Japan.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.