Located in Fayetteville, NC, and the Virginia cities of Lynchburg, Colonial Heights and Roanoke, the malls comprise 3.25 million sf of leasable space that is currently 90.9% occupied. CBL expects the properties to generate an initial yield of 8.56% based upon current income.

"This acquisition is a perfect fit for us; Faison developed these four properties and has done an excellent job in managing them and keeping the malls up to date," says CBL Chairman/CEO Charles Lebovitz. "These properties share many similarities to our other 55 regional malls, such as dominant franchises in middle markets, future expansion and leasing opportunities, strong anchor lineups and mall sales averaging $319 per square foot. With CBL malls and shopping centers in close proximity to these properties, we will be able to leverage our familiarity with the markets as well as create greater efficiencies and growth opportunities."

The deal includes the following regional malls: Cross Creek Mall in Fayetteville, a 1,054,034-sf property that is 94.7% occupied and anchored by Belk, Hecht's, JCPenney and Sears; River Ridge Mall in Lynchburg, a 784,775-sf mall that is 90.3% occupied and anchored by Belk, Hecht's, JCPenney, Sears and Value City; Southpark Mall in Colonial Heights, a 626,806-sf mall that is 96.0% occupied and anchored by Dillard's, Hecht's, JCPenney and Sears; and Valley View Mall in Roanoke, a 787,255-sf mall that is 82.1% occupied and anchored by Belk, Hecht's, JCPenney and Sears.