CBL acquires mixed-use center in Chattanooga

WILMINGTON, N.C. — The Mayfaire Town Center and Mayfaire Community Center have been acquired by CBL & Associates Properties, a publicly traded real estate investment trust based in Chattanooga, Tenn.



The sale, which closed June 18, is not expected to result in immediate changes that will be noticed by consumers.



Once a horse farm, Mayfaire Town Center and Mayfaire Community Center have become one of North Carolina's premier shopping and leisure destinations.



"We are excited to add Mayfaire Town Center to the CBL portfolio," said Stephen D. Lebovitz, CBL's president and chief executive officer. " The mixed use complex has become a central part of the growing and dynamic Wilmington community. Customers visit for the great stores, restaurants, entertainment options and for the enjoyable experience. With our strong network of retail relationships, we see numerous opportunities to elevate this experience even further, delivering more of the premier brands and restaurants that residents and tourists have come to expect from the center.”

CBL is one of the largest shopping mall real estate investment trusts in the country, with more than 140 properties, including 90 malls and open-air centers.



The original Mayfaire ownership continues to believe in the

Mayfaire, the 400-acre mixed-use development, has been referred to as "the new downtown" and "the rising star of commerce" as this property continues to flourish after more than a decade since its inception. The property includes approximately one million square feet of retail including Belk's, Regal Cinemas, Dick's Sporting Goods, Barnes & Noble, J. Crew, Pottery Barn and Williams-Sonoma. The development also partnered with several leading developers to attract two hotels (Hilton Garden Inn and Homewood Suites), an office complex and over 700 residential units to the project