Anchor tenants own 403,000 sf of the 629,000-sf enclosed regional mall. Anchors are Dillard's, Parisian, JC Penney and McRae's. Kay's Jewelers is also among the tenants.

Mall shop occupancy is 80%, and tenants' sales average $260 per sf. Annual net operating income is expected to exceed $4.2 million.

Approximately 32 acres of the adjacent vacant land can be used for expansion or out-parcel development. A portion of the mall and land is covered by a ground lease that expires in 2044.

Crown financed the purchase with a $30-million floating rate mortgage and cash from its line of credit. The loan, placed with an unnamed commercial mortgage bank, bears interest at Libor plus 2%. It is non-amortizing during the initial three-year term, and two one-year extensions are available under certain, unspecified conditions.

"The only enclosed regional mall in a large, solid trade area," is similar in that respect to Valley View Mall in La Crosse, WI, which the REIT bought in September, says Mark E. Pasquerilla, president and chief executive officer of Crown, in a statement.

Calling Wiregrass Commons a "good fit for our portfolio," Pasquerilla says it "has a solid anchor line-up with diversified in-line tenants" and "excellent growth potential from re-tenanting and occupancy gains, and from potential future development of the vacant land.

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