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LAFAYETTE, LA-CBL & Associates Properties Inc. has acquired the 997,000-sf Mall of Acadiana here for $175.3 million. The Chattanooga, TN-based REIT also tied up 29 acres of surrounding land on which is plans to develop another center. Built in 1979, the Mall of Acadiana sits on 73 acres at the intersection of US 167 and Ambassador Caffrey Parkway, approximately five miles south of Interstate 10. It has been renovated twice, in 1993 and 2004, and is currently 96% occupied. The mall has 100 retail stores and restaurants including Chico's, Ann Taylor, Talbot's, Coldwater Creek, Banana Republic, Hollister and Nine West. Its anchor tenants are Dillard's, Foley's, Sears and JCPenney. Average sales per sf were $360 in 2004. CBL estimates an initial cap rate of 6.1% based on in-place income. The adjacent land is broken into two different transactions. The company has entered into an agreement to acquire 14.62 acres and has an option to purchase an additional 14.32 acres, each for $3.2 million. CBL says it is considering an associated center or lifestyle wing.To fund the acquisition, CBL borrowed $175 million under its $400-million unsecured credit facility provided by a group of banks led by Wells Farrgo. The facility bears interest based on leverage in the range of 100 to 145 basis points over LIBOR. The facility matures on August 27, 2006 but has three one-year extension options at the CBL's election. A principal with CBL was not immediately available Friday morning for comment. CBL & Associates Properties holds interests in or manages 173 properties, including 72 enclosed regional malls. The properties are located in 30 states and total 75.7 million sf. The numbers make it the fourth largest mall REIT in North America and the largest owner of malls and shopping centers in the Southeast ranked by gross leaseable area.