CBL & Associates Properties of Chattanooga, TN paid the Jacobs Group of Cleveland, OH $1.3 billion for 21 malls and two associated centers comprising 19.2 million sf. The price equates to an average $56.5 million per mall or about $67.70 per sf.
The deal makes CBL the largest owner of malls and shopping centers in the Southeast and the third-largest REIT in the United States, according to the release.
The properties include five malls in Wisconsin, three each in North Carolina and South Carolina, two each in Michigan and Ohio, one each in Illinois, Tennessee and Texas and associated centers in Ohio and Wisconsin. The company bought 100% interest in 16 of the malls and one of the associated centers and partial interests, ranging from 50% to 80%, in five of the malls and one of the associated centers.
CBL bought 100% of the 1.56 million-sf Hanes Mall in Winston-Salem the 376,000-sf Randolph Mall in Asheboro, NC; and 80% of the 953,000-sf Cary Towne Center, Cary, NC. Belk, JC Penney and Sears are anchor tenants in all three malls. Dillard's and Hecht's stores are tenants in the Winston-Salem and Asheboro malls.
CBL now has a portfolio of 158 properties in 26 states totaling 55.9 million sf, including 2.1 million sf of non-owned shopping centers managed for third parties. The company currently has under construction five new projects totaling 1.7 million sf, including two malls, one community center and two mall expansions.
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