CBL Acquires Partner’s Interest in Parkway Place Mall in Huntsville, AL
05 October 2010 - 12:00AM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL), today
announced that it had acquired the remaining 50% interest in
Parkway Place in Huntsville, AL from its joint venture partner,
Colonial Properties Trust. The interest was acquired for a total
consideration of $38.8 million, comprised of $17.9 million in cash
and assumption of the remaining $20.9 million interest in the loan
secured by Parkway Place.
“Parkway Place has performed well over the years and
year-to-date has posted double-digit increases in sales. We are
excited to have the opportunity to acquire our partner’s interest
at an attractive price,” said Stephen Lebovitz, President and Chief
Executive Officer, CBL & Associates Properties, Inc. “The
Huntsville market continues to generate impressive economic growth
and we look forward to enhancing this already strong center.”
Parkway Place is a 647,000-square-foot enclosed regional mall,
located on 34 acres along US 231 in the southeastern portion of
Huntsville. The center is anchored by Belk and Dillard’s and
features 273,000 square feet of stores and restaurants including
Carabba’s Italian Grill, Chico’s, The Buckle, Forever 21, Pottery
Barn, Victoria’s Secret and the recently opened Charming Charlie.
The Huntsville market is notably one of the South’s most dynamic
economies. The city is supported by a diverse employment base
including a major military instillation, Redstone Arsenal, and the
nation’s second largest research facility, Cummings Research Park,
as well as manufacturing, aerospace, telecommunications and other
major industry. Unemployment rates remain well below the national
and state average with the city experiencing employment growth
year-to-date.
About CBL & Associates Properties,
Inc.
CBL is one of the largest and most active owners and developers
of malls and shopping centers in the United States. CBL owns, holds
interests in or manages 160 properties, including 85 regional
malls/open-air centers. The properties are located in 28 states and
total 85.9 million square feet including 2.8 million square feet of
non-owned shopping centers managed for third parties. Headquartered
in Chattanooga, TN, CBL has regional offices in Boston (Waltham),
MA, Dallas (Irving), TX, and St. Louis, MO. Additional information
can be found at cblproperties.com.
Information included herein contains "forward-looking
statements" within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company's various filings with the Securities and Exchange
Commission, including without limitation the Company's Annual
Report on Form 10-K and the "Management's Discussion and Analysis
of Financial Condition and Results of Operations" incorporated by
reference therein, for a discussion of such risks and
uncertainties.
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