CBL Closes on 23-Acre Acquisition

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CHICOPEE, MA-CBL and Associates Properties Inc. closed on its purchase of the former Fairfield Mall site. The Chattanooga, TN-based shopping center developer bought the 23-acre property for $4.3 million from Fairfield Mall LP.

According to Spaulding & Slye Colliers senior vice president Jim Koury, who represented the seller and procured the buyer in the transaction, the property came under agreement with CBL more than four years ago, after the seller had permitted the property for the 180,000-sf strip mall. At the time the mall was nearly fully vacant and CBL spent the past four years preleasing the retail spaces for the new mall and negotiating easements with Wal-Mart and Home Depot, both of whom own their buildings. The previous mall was demolished last year. Koury says the location at the intersection of Route 33 and Exit 5 of the Massachusetts Turnpike makes it “ideal for a retail power center.”