"They both dominate their respective markets with prominent locations, a solid lineup of department store anchors and strong mall shop sales," says CBL chairman/CEO Charles Lebovitz. "The favorable sales and occupancy trends at each mall, attractive re-merchandising and specialty income opportunities, and potential upside from new and renewal leasing offered compelling reasons for pursuing these acquisitions."

The Volusia Mall is currently 89.4% occupied with average mall shop sales of $368 per sf in 2003. Anchor tenants include Burdines, Dillards, JCPenney and Sears. The mall is located 1.5 miles east of I-95, across the street from the Daytona International Speedway and Daytona International Airport. The nearest competing mall is about 30 miles away. CBL says the asset is expected to generate an initial yield of 7.64%.

Honey Creek Mall is currently 88.4% occupied with average shop sales of $335 in 2003. Anchor tenants include Elder-Beerman, LS Ayres (May Company), JCPenney and Sears. Home to three colleges and universities, Terre Haute is the commercial and healthcare hub for an eight-county area. The mall is located at the intersection of I-70 and US Highway 41, 50 miles from the nearest competition. The asset is expected to generate an initial yield of 7.94%.