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Two Michigan Malls Bought in Recent Billion-Dollar Deal

DETROIT-CBL and Associates Properties Inc. of Chattanooga, TN buys malls in Saginaw, MI and Midland, MI, which have a combined 1.3 million sf, from Jacobs Group in a $1.3-billion package of 23 malls and strip properties.

By Robert Carr | Updated on January 23, 2001

DETROIT-CBL and Associates Properties Inc. of Chattanooga, TN recently bought 21 malls and two associated centers, including two Michigan properties, from The Richard E. Jacobs Group for $1.3 billion. The two Michigan malls were the Midland Mall in Midland and the Fashion Square Mall in Saginaw.

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.

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