The first stage was completed Jan. 31, 2001 when CBL bought a 100% interest in 16 malls and one associated center and partial interests in five malls and another retail center.
In the second and final stage of the acquisition, completed March 14, the Southeast's largest mall owner (52 properties; 56 million sf) bought a 31% interest in Columbia Mall, Columbia, SC, bringing total ownership to 79%; a 17% interest in East Towne Mall, West Towne Mall and West Towne Crossing in Madison, WI, boosting ownership in each property to 65%; and a 2% interest in Kentucky Oaks Mall, Paducah, KY for a 50% equity position.
In the final part of the $1.3 billion deal, CBL paid $422,088 in cash; took on $26.6 million of fixed-rate, non-recourse debt; and issued 499,730 special common units of the company's operating partnership valued at $32.25 per unit ($16.1 million).
CBL has started a new project in Beaumont, TX, adjacent to Parkdale Mall which was acquired as part of the Jacobs transaction. The $12-million Parkdale Crossing is expected to measure 87,000 sf, with Barnes & Noble and Office Depot as anchor tenants.
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