We recently announced that we were partnering with Horizon Group to develop our second outlet center, The Outlet Shoppes, at Atlanta. The project is located in the affluent suburb of Woodstock north of the city. We plan to begin construction on this center this spring. The 370,000 square foot project is already 70% leased or committed with a first-class line-up of retailers, including Saks Fifth Avenue OFF 5TH, Nike, Michael Kors, J. Crew, Puma, and Under Armour.
Similar to the outlet shops at Oklahoma City, this project will be developed in a 75:25 joint venture with Horizon Group with an initial unleveraged yield above 10%. Our new venture with Horizon builds on the outstanding results being generated by our project in Oklahoma City, which continues to exceed our projections. Based on current results, the center is on track to generate an unleveraged 11% return and sales are trending over $400 per square foot for the first year.
In December, we closed a $60 million 10 year non-recourse CMBS loan secured by the outlet shops at Oklahoma City. Another strong revenue of growth for us is the expansion and redevelopment opportunities within our existing portfolio. These projects enhance the center’s increasing traffic and solidifying the mall’s dominant position in the market. One of our most recent projects, a new 12 screen cinema theater at Stroud Mall in Stroudsburg, Pennsylvania, open during the fourth quarter. And soon we will open a new 12-screen Carmike theater at Foothills Mall in Maryville, Tennessee.
In total, in 2011, we opened seven anchor locations, 34 new junior anchor locations, and added 14 restaurants to our centers. We recently announced our renovation program for 2012. We will renovate four malls, including Cross Creek Mall in Fayetteville, North Carolina; Mall del Norte, in Laredo, Texas; Post Oak Mall in College Station, Texas, and Turtle Creek Mall in Hattiesburg, Mississippi.
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