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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.

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