Jacobs opened the 1.3-million-sf Triangle Town Center mall in 2002 and the neighboring centers thereafter. Belk, Dillard's, Hecht's, Sears and Sak's Fifth Avenue anchor the mall; Bed Bath & Beyond, Dick's Sporting Goods, DSW Shoes are among the stores in Town Place; and Men's Wearhouse, Pier One Kids and Ted's Montana Grill are anchors in Town Commons.

Initially, CBL will not contribute any funds to the venture. The property will enter into a 10-year, fixed-rate, non-recourse loan between $195 million and $203 million. Proceeds will be used to pay an existing construction loan totaling about $121 million with the balance paid to the Jacobs Group.

This is not the first joint venture between the two mall owners. The companies are both building Gulf Coast Town Center, a 1.7-million-sf regional, open-air center in Lee County, FL.