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Oklahoma City Chattanooga, Tenn.-based CBL & Associates Properties said it has formed a joint venture with Norton Shores, Mich.-based Horizon Group Properties to develop The Outlet Shoppes at Oklahoma City in Oklahoma City.
Once complete, the 350,000-sq.-ft. project will be the only outlet center in the state of Oklahoma and the only outlet center within a 145-mile radius.
The Outlet Shoppes at Oklahoma City is currently under construction with the grand opening scheduled for late summer 2011. CBL and Horizon are co-developing the project with Horizon responsible for leasing and management.
The project is currently over 80% leased with offerings including Saks Fifth Avenue Off 5th, Nike, Tommy Hilfiger, Banana Republic, J. Crew, Brooks Brothers, Coach, Guess and more.
CBL has received a $48.9 million construction loan commitment from U.S. Bank for the project. The loan will have an initial term of three years, with two, one-year extension options.