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.

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