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CBL, TRS To Acquire Retail, Office for $541M

CHATTANOOGA, TN-CBL and TRS will acquire some of the properties jointly and some will be wholly owned by CBL.

By Natalie Keith | Updated on November 30, 2007

CHATTANOOGA, TN-Locally based CBL & Associates Properties Inc. and Teachers’ Retirement System of the State of Illinois (TRS) plan to acquire a portfolio of retail and office properties in North Carolina and Virginia. All of the properties will be acquired from the Greensboro, NC-based Starmount Co.

The total value of the properties acquired is $540.8 million, although some will be acquired as part of the joint venture between the two companies and some will be wholly owned by CBL. The joint venture was advised by Chicago-based Commonwealth Realty Advisors Inc. The seller was represented by Gerard Mason, of New York-based Savills Granite.

Under the joint-venture agreement, valued at $356.6 million, CBL and TRS will own the Friendly Center and the Shops at Friendly Center in Greensboro, NC; the Renaissance Center in Durham, NC and a six-building office portfolio in Green Valley Office Park jointly.

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