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Tennessee's CBL Buys Three NC Malls in $1.3-Bil, 23-Asset Acquisition

WINSTON-SALEM, NC-Cleveland-based Jacobs Group sold the retail centers to CBL & Associates Properties for an average $56.5 million per mall or about $67.70 per sf for the total 19.2 million sf. Three of the properties are in the Winston-Salem area, about 70 miles north of Downtown Charlotte.

By Robert Anthony | Updated on February 12, 2001

WINSTON-SALEM, NC-Three local malls are part of one of the largest retail property transactions of its kind recorded in the Southeast in the past five years, according to a company news release. Winston-Salem is 70 miles north of Downtown Charlotte.

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.

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