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CBL Acquires Two Michigan Malls

DETROIT-CBL & Associates buys malls from Jacobs Group for $1.2 billion, including two in Michigan.

By Robert Carr | Updated on September 28, 2000

DETROIT-CBL & Associates Properties Inc. of Chattanooga and the Richard E.Jacobs Group, Inc. announced they have signed a definitive agreement for CBLto acquire Jacobs interests in 21regional malls and two associated centers for a purchase price ofapproximately $1.2 billion.

The portfolio, totaling approximately 19.2 million sf, includesfive malls in Wisconsin, three each in North Carolina, Kentucky and SouthCarolina, two each in Michigan and Ohio, one each in Illinois, Tennessee andTexas and an associated center in both Ohio and Wisconsin.

The agreement has been approved by CBL’s Board of Directors and is subjectto CBL shareholder approval as well as certain Jacobs lender and partnerconsents. The acquisitionis expected to close in the first quarter of 2001.

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