Horizon Group Properties acquires Lincoln City Outlets in $35.2m deal
In a significant move within the retail property sector, Horizon Group Properties (OTC: HGPI.pk), renowned for its expertise in operating outlet shopping centers, has officially announced its acquisition of the Lincoln City Outlets. Located in the scenic Lincoln City, Oregon, this open-air outlet center is celebrated as a leading shopping destination for tourists visiting the Oregon coast and local residents alike. With a purchase price of $35.25 million, the acquisition marks a notable expansion for Horizon Group Properties, highlighting its strategic investment in prime retail destinations.
The Lincoln City Outlets, boasting over 50 retail stores, restaurants, and entertainment venues, offers a vibrant mix of national and local retailers, including esteemed brands such as Nike, Coach, Pendleton, North Face, and Eddie Bauer, among others. This acquisition not only underscores the value of the Lincoln City Outlets as a retail hub but also its significant role in driving tourism and local economic growth in the region.
The property transaction was conducted through a joint venture, with Horizon Group Properties taking the lead as the managing member. This arrangement sees Horizon overseeing leasing, management, and marketing efforts, reinforcing its commitment to enhancing the outlet center’s offerings and overall visitor experience.
Horizon Group Properties Acquires Lincoln City Outlets for $35.25 Million
Under Horizon Group Properties’ stewardship, the Lincoln City Outlets is poised for further growth and development. Gary Skoien, President and CEO of Horizon Group Properties, expressed enthusiasm for the acquisition, stating, “We are excited by this acquisition and will utilize our vast expertise in retail operations, leasing, and marketing to further improve this great retail destination.” This strategic vision is already bearing fruit, with the recent addition of Gilgamesh Brewing to the outlet’s diverse business portfolio.
Lincoln City, a premier tourist destination along the Oregon coast, is renowned for its breathtaking beaches, diverse accommodation options, and nearby attractions, such as the Chinook Winds Casino and Salishan Golf Resort. The area’s appeal to visitors from Oregon and Southwest Washington for day trips, weekend getaways, and extended vacations further enhances the Lincoln City Outlets’ strategic importance as a retail and tourist hub.
The acquisition of Lincoln City Outlets by Horizon Group Properties represents a well-calculated move to capitalize on the synergy between retail and tourism. By leveraging its expertise in retail management and marketing, Horizon is set to elevate the outlet center’s status as a key destination, promising enhanced experiences for shoppers and significant economic benefits for the local community.