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CBL Buys Three Malls for $517M

CHATTANOOGA, TN-CBL agrees to buy Oak Park Mall in the Kansas City area, Hickory Point Mall in Decatur, IL and Eastland Mall in Bloomington, IL.

By Brian K. Miller | Updated on October 17, 2005

CHATTANOOGA, TN-CBL & Associates Properties Inc. is acquiring three malls in the Midwest for $516.9 million. The locally based mall REIT says it has agreed to acquire Oak Park Mall in the Kansas City area, Hickory Point Mall in Decatur, IL and Eastland Mall in Bloomington, IL. The transaction is expected to close in November.

Oak Park Mall is located near Interstates 35 and 435 in Overland Park, one of Kansas City’s fastest growing suburbs. The 1.5 million-sf, two-level, super-regional mall has 470,000-sf of shop space and is 96.8% occupied. It was built in 1974, expended in 1998 and fully renovated in 2001. Anchor tenants include Dillard’s North, Dillard’s South, Nordstrom, J.C. Penney, The Jones Store and a freestanding AMC Theater. Shop tenants include Ann Taylor, Aveda, Banana Republic, Crabtree & Evelyn and J. Crew. Restaurants include Rain Forest Cafe, Mimi’s Cafe, Outback Steakhouse, Ruby Tuesday’s, T.G.I. Friday’s Average mall shop sales were $455 per sf in 2004.

Eastland Mall is a 737,000-sf, single-level mall located at the intersection of Business I-55 and East Empire Street in Bloomington, home of Indiana University. The mall was built in 1967 and renovated in 2000. The mall is anchored by Bergner’s, Famous Barr, Kohl’s, JCPenney and Sears. The 225,000-sf of non-anchor space produces sales of $322 per sf in 2004 and is currently 85.8% occupied.

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