{"id":1004684552,"date":"2023-10-04T04:03:35","date_gmt":"2023-10-04T12:03:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004684552"},"modified":"2023-10-04T05:57:49","modified_gmt":"2023-10-04T13:57:49","slug":"cbl-properties-jv-obtains-79m-for-atlanta-area-retail-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbl-properties-jv-obtains-79m-for-atlanta-area-retail-asset\/","title":{"rendered":"CBL Properties JV Lands $79M for Atlanta-Area Refi"},"content":{"rendered":"
\"An<\/a>

Westmoreland Mall in in Greensburg, Pa., another CBL Properties-owned asset. Image courtesy of CBL Properties<\/em><\/p><\/div>\n

CBL Properties <\/strong>and Horizon Group Properties<\/strong> have obtained a $79.3 million loan for the refinancing of The Outlet Shoppes at Atlanta, a 404,906-square-foot retail center in Woodstock, Ga. The non-recourse, 10-year note bears a fixed interest-only rate of 7.85 percent and replaces two loans totaling $69.5 million, set to mature this November.<\/p>\n

In 2019, CBL sold a 15 percent interest in The Outlet Shoppes at Atlanta to Horizon for $20.8 million. After the transaction, both companies owned a 50 percent stake in the property. The net proceeds were used to reduce outstanding balances on CBL\u2019s line of credit.<\/p>\n

An Atlanta-area retail center<\/h2>\n

Designed by Adams + Associates Architecture, The Outlet Shoppes at Atlanta came online in two phases on a 38.5-acre site. The co-developers broke ground on the 371,906-square-foot first phase in 2012, while the construction of the 33,000-square-foot second phase began in 2015.<\/p>\n

The property’s tenant roster<\/a> includes more than 100 brand stores such as Saks Fifth Avenue OFF 5th, Kate Spade New York, Michael Kors, Coach, Nike, Cole Haan, Tommy Hilfiger, Adidas, Fossil, Gap, Levi\u2019s and Tesla.<\/p>\n

Located at 915 Ridgewalk Parkway, The Outlet Shoppes at Atlanta is roughly 25 miles north of downtown Atlanta. The retail center is right off Interstate 575, in an area where the daily traffic count reaches more than 94,000 vehicles.<\/p>\n

In recent months, Atlanta\u2019s retail sector has benefited from the metro\u2019s substantial residential growth. However, the construction activity slowed down in the second quarter of this year when compared to 2022’s second quarter, according to a Marcus & Millichap report<\/a>. Development remained under the 2 million-square-foot mark, while deliveries scheduled for the next two years total less than 500,000 square feet.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The move retires loans that were scheduled to mature this fall.<\/p>\n","protected":false},"author":3014,"featured_media":1004684604,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21783,21742,21749,32781],"tags":[33275,35254,50083],"class_list":["post-1004684552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-investment","category-latest","category-retail","category-southeast","tag-cbl-associates-properties-inc","tag-horizon-group-properties","tag-marcus-milichap"],"acf":[],"yoast_head":"\nCBL Properties JV Lands $79M for Atlanta-Area Refi - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"CBL Properties and Horizon Group Properties obtained a $79.3 million loan for The Outlet Shoppes at Atlanta in Woodstock, Ga.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cbl-properties-jv-obtains-79m-for-atlanta-area-retail-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBL Properties JV Lands $79M for Atlanta-Area Refi\" \/>\n<meta property=\"og:description\" content=\"CBL Properties and Horizon Group Properties obtained a $79.3 million loan for The Outlet Shoppes at Atlanta in Woodstock, Ga.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbl-properties-jv-obtains-79m-for-atlanta-area-retail-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-04T12:03:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-04T13:57:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Westmoreland-Mall-e1696419903343.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1034\" \/>\n\t<meta property=\"og:image:height\" content=\"776\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbl-properties-jv-obtains-79m-for-atlanta-area-retail-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cbl-properties-jv-obtains-79m-for-atlanta-area-retail-asset\/\",\"name\":\"CBL Properties JV Lands $79M for Atlanta-Area Refi - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbl-properties-jv-obtains-79m-for-atlanta-area-retail-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbl-properties-jv-obtains-79m-for-atlanta-area-retail-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Westmoreland-Mall-e1696419903343.jpg\",\"datePublished\":\"2023-10-04T12:03:35+00:00\",\"dateModified\":\"2023-10-04T13:57:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"CBL Properties and Horizon Group Properties obtained a $79.3 million loan for The Outlet Shoppes at Atlanta in Woodstock, Ga.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbl-properties-jv-obtains-79m-for-atlanta-area-retail-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/cbl-properties-jv-obtains-79m-for-atlanta-area-retail-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cbl-properties-jv-obtains-79m-for-atlanta-area-retail-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Westmoreland-Mall-e1696419903343.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/Westmoreland-Mall-e1696419903343.jpg\",\"width\":1034,\"height\":776,\"caption\":\"Westmoreland Mall in in Greensburg, Pa., another CBL Properties-owned asset. 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