Roseland, N.J. – Locally based Chelsea Property Group Inc. recently sold 1,750,000 primary shares of common stock at $45 per share. Net proceeds of $74.6 million will be used to repay borrowings under the company's $160-million line of credit and for general corporate purposes.

The transaction was lead-managed by Merrill Lynch & Co. and co-managed by Banc of America Securities LLC and First Union Securities Inc. The company has granted the underwriters an over-allotment option to purchase up to an additional 250,000 shares.