With some of the properties, the company only acquired a percentage of themalls. The Saginaw Mall has 786,000-sf, and anchors of JC Penney, Sears and Hudsons (now Marshall Fields). CBL bought 100 percent of Fashion Square. The Midland property, at 514,000-sf, is anchored by Elder-Beerman, JC Penney, Sears and Target. CBL reserved 40 percent of the property but may acquire additional interests through an offer to purchase outside partner interests, said company officials.

John Foy, CBL vice chairman and chief financial officer, said he could not break out the purchase price of the two malls from the $1.3 billion figure. However, he said the Michigan properties are important to the company. "Michigan is a great state to invest in. The two malls there were an excellent acquisition for us," Foy told GlobeSt.com.

The company already has two other properties in the state. It owns the 912,000-sf Meridian Mall in a Lansing suburb, and is building the Lakes Mall in Muskegon. The latter property, expected to open in August, will be 660,000-sf, with anchors of Sears, JC Penney and Younkers.