CBL acquires enclosed Nebraska center for $43 million
CBL Properties has added a Midwestern property to its portfolio.
The firm has acquired Gateway Mall in Lincoln, Neb., for a purchase price of $43.5 million from Washington Prime Group (WPG). The enclosed mall serves a trade area of more than 1.3 million residents, and spans approximately 843,000 square feet.
Sitting at 95% occupancy, Gateway Mall is anchored by a diverse lineup of national retailers, including Dillard’s, JCPenney, Dick’s Sporting Goods, Round 1, H&M, Ulta, Ross Dress for Less, Sierra, Tesla and Total Wine & More, as well as more than 215,000 square feet of shops and restaurants. The mall first opened its doors in 1960.
Lincoln, Nebraska’s capital, is the state’s second largest city, and serves as home to the University of Nebraska. It has an estimated population of approximately 300,000 residents.
“Gateway Mall is a high‑performing, well‑located asset in a dynamic and growing market,” said Stephen D. Lebovitz, CEO of CBL Properties. “This acquisition was accomplished at attractive pricing and aligns with our strategy to pursue high-yield enclosed mall opportunities where our operating expertise and capital discipline can drive long‑term value.”
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Headquartered in Chattanooga, Tenn., CBL Properties owns and manages a national portfolio of 88 properties totaling 55.6 million square feet across 23 states, including 56 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 25 open-air centers and other assets. Last summer, CBL acquired four malls from WPG for a total of $178.9 million.
“We look forward to enhancing the customer experience and strengthening the property’s position as a dominant retail destination for Lincoln and the broader region,” added Lebovitz. “Gateway Mall is a natural addition to our portfolio and complements our purchase last year of four market dominant malls, also from WPG.”
