CBL buys four regional malls from Washington Prime Group
CBL Properties, one of the nation’s biggest owner-operators of regional malls, continues to re-make its portfolio, reporting that it has acquired four malls from Washington Prime Group for a total of $178.9 million.
They include:
Mesa Mall, Grand Junction, Colo.
Mesa Mall is the largest indoor shopping center in western Colorado, located in Grand Junction at the intersection of U.S. Highways 6 and 50. Spanning over 733,000 sq. ft. the mall features more than 120 tenants, making it the premier retail destination between Denver and Salt Lake City. It is anchored by major national retailers including Cabela’s, Dillard’s, JCPenney, Target, HomeGoods and Dick’s Sporting Goods. Originally developed in 1980, the mall has undergone several redevelopments to modernize its offerings and maintain its dominant position in the market.
Ashland Town Center, Ashland, Ky.
Ashland Town Center is a single-level enclosed regional shopping mall located in Ashland, Ky., along U.S. Highway 23 near downtown. Opened in 1989, the 420,000-sq.-ft. mall’s tenant lineup features JCPenney, Belk, TJ Maxx, Ulta Beauty and Five Below. The center has undergone several renovations over the years, including a major redevelopment in the late 2000s that added a new JCPenney prototype store. Dining options include Olive Garden and Slim Chickens.
Paddock Mall, Ocala, Fla.
This single-level, 550,000-sq.-ft. property is the only enclosed mall in Marion County. Strategically situated on an 82-acre site along State Road 200 near I-75, Paddock Mall serves as a key shopping destination for the region. It holds more than 90 stores and restaurants, and is anchored by JCPenney, Macy’s, and Belk. A fourth anchor space — formerly Sears — is under redevelopment and will emerge as Paddock Market.
Southgate Mall, Missoula, Mont.
The largest enclosed shopping center in western Montana, Southgate is strategically situated along U.S. Highway 93 and South Avenue near the University of Montana campus. It has long served as a central retail and entertainment hub for the region. Opened in 1978, the mall spans approximately 546,000 sq. ft. and holds 85 stores and restaurants. Top brands include AMC Theatres, Scheels All Sports and Dillard’s.
“We are thrilled to add these four dominant enclosed malls to the CBL portfolio,” CBL’s CEO Stephen Lebovitz said in a press release. “Each property fits perfectly within our existing portfolio. They enhance CBL’s operating metrics, augmenting sales and occupancy and offer both near-and-long-term growth opportunities.”
As it is adding new properties to its portfolio, the company has been subtracting some, as well, to succeed with what it has called its “optimization strategy.”
CBL has completed sales of more than $241 million in non-core malls, open-air centers, and outparcels. Most recently, it closed the $83.1 million sale of The Promenade, a premier power center in D’Iberville, Miss. Additional open-air center dispositions are planned for the near-term.
More acquisitions are to follow.
“These four acquisitions exemplify our ability to strategically leverage the attractive valuations of our high-quality open-air and outparcel portfolio to fund investments in market-dominant enclosed malls,” Lebovitz said.
