Many retailers have made their outlet strategy a priority and this sector will provide one of our best avenues for external growth over the next few years. Horizon has been a terrific partner for us. Through this venture we see additional opportunities for new outlet projects where we will be able to meet our pre-leasing requirements and achieve attractive financial returns.
We recently announced our investment in two additional outlet centers that are operated by Horizon. We acquired a 75% stake in The Outlet Shoppes at El Paso and a 50% interest in The Outlet Shoppes at Gettysburg. The blended cap rate was very attractive in the high severance, and we see near long-term growth prospectus for both centers.
The Outlet Shoppes at El Paso opened in 2007 with 350,000 square feet is 99.6% leased with sales trending towards $400 per square foot. The center serves the market with more than 2 million residents, plus a significant tourist population and is located near the Fort Bliss army base, which is benefiting from the BRAC program.
The Outlet Shoppes at Gettysburg is a 250,000 square foot center, which serves more than 2 million tourists that visit the area annually. A new $95 million civil war museum opened just a few years ago and is driving additional traffic to the center.Sales are in the mid-200s per square foot today and we are working on continuing opportunity to increase sales. Both centers also have additional land available for future expansions.On the development side, construction is set to start in the next few weeks on The Outlet Shoppes at Atlanta, located in the affluent suburb of Woodstock, north of the city. The 370,000 square foot project is approximately 70% leased or committed with the first class line up of retailers, including Saks Fifth Avenue Off 5th, Nike, Levis, Brooks Brothers, Converse, and Cole Haan.
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