The fifth Texas property for CBL & Associates Inc., Richland is 88% occupied. The mall is anchored by two Dillard's stores, Sears, JCPenney and Beall's. It is situated on 77 acres at the intersection of US Highways 6 and 84.
Andrea Peskind, senior director in the Dallas office of Cushman & Wakefield of Texas, Inc. represented the seller in the transaction. Cushman did not disclose the identity of the seller, but McLennan County tax records indicate that it is Lilac Properties Inc. of Waco. The taxable value is $11.2 million. Records also indicate Dillard's and Sears own their sites at the mall.
CBL is the third largest REIT in terms of gross leaseable area owned in the US and the largest owner of malls and shopping centers in the Southeast. It owns malls in Beaumont, College Station, Del Rio and Uvalde.
CBL acquired the Beaumont property when it bought the retail portfolio of Cleveland-based Jacobs Group Inc. CBL has begun a $12-million, 87,000-sf addition next to the Beaumont mall, with Barnes & Noble and Office Depot as anchor tenants.
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