CBL had acquired partial interests in East Towne Mall, West Towne Mall and West Town Crossing as part of its purchase of Richard E. Jacobs Inc.'s stake in 23 retail centers. The recent transaction, which closed Dec. 5, brings CBL's ownership of the three Madison properties to 100%.
The 887,696-sf East Towne Mall is roughly 95% occupied and the 970,474-sf West Towne Mall is about 96% full. Boston Store, JC Penney and Sears anchor both malls. West Towne Crossing, a 492,023-sf shopping center, currently 100% occupied, is anchored by Barnes & Noble, Best Buy, Cub Foods, Kohl's, Office Max and ShopKo.
"Since acquiring interests in these properties in early 2001, we have significantly increased occupancy and cash flow and have enhanced their franchise value through retenanting," says CBL's chairman and chief executive officer, Charles B. Lebovitz. "East Towne and West Towne together dominate the growing Madison trade area and we are pleased to own 100% of these assets going forward."
CBL has a portfolio of 157 properties, including 54 enclosed malls, in 25 states totaling 57 million sf. The Company has five projects under construction totaling approximately 2.5 million square feet, including one mall, one associated center and three community centers plus two mall renovations.
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