CHATANOOGA, TN-A clear sign that retail is rebounding, CBL Associates Properties and TIAA-CREF are joining forces to invest in market dominant shopping malls. The companies inked a $1.09-billion joint venture this week.

TIAA-CREF will invest in four CBL properties: Oak Park Mall in Kansas City, KS; West County Center in St. Louis; Coolsprings Galleria in Nashville; and Pearland Town Center in Pearland, TX. Stephen Lebovitz, president and CEO of CBL, says the transaction will not only further the company’s deleveraging efforts by reducing its total debt by approximately $480 million, it will also make it possible for to pursue new opportunities.

“We have been exploring joint venture opportunities for quite some time and our patience and persistence has been rewarded,” Lebovitz says. “We believe TIAA-CREF is the right partner for CBL and together have structured a mutually beneficial venture. We are pleased to recognize the significant enhancement in value for our portfolio through this transaction.”