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CBL Spends $62M for Full Stake in Three Madison Malls

MADISON, WI-The Chattanooga, TN developer brings its ownership in three Wisconsin retail centers to 100%, spending $61.9 million and assuming more than $25 million in debt related to the properties.

By Glen Thompson | Updated on December 19, 2002

MADISON, WI-Chattanooga, TN-based CBL & Associates Properties Inc. yesterday revealed that it has purchased the remaining interest in three retail properties from Northwestern Mutual Life Insurance for roughly $62 million. The company has also assumed $25.4 million in debt tied to the assets.

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.

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