CBL, Jacobs In Triangle Mall JV

RALEIGH, NC-The Richard E. Jacobs Group and CBL & Associates have formed a 50/50 joint venture to own the Triangle Town Center mall here, as well as its associated open-air centers Triangle Town Commons and Triangle Town Place. CBL will manage, lease and redevelop the centers for the JV, which company executives value at $283.5 million.

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.