Large Retail Joint Venture Finalized Between TIAA-CREF and CBL
Friday, October 07, 2011
Source: Globe St
Globe St reports: With bargain-focused retail and mid-level brands making a comeback just before the holiday shopping rush, financial services firm TIAA-CREF and developer CBL & Associates Properties Inc. proved that the mall is still in style after closing on a $1.09 billion joint venture in four shopping malls in the Southeast. The malls include: West County Center in St. Louis; CoolSprings Galleria in Nashville; the Oak Park Mall in Kansas City, KS; and the Pearland Town Center Pearland, TX.
According to global commercial property research firm Real Capital Analytics, the 1.5-million-square-foot Oak Park Mall, anchored by Nordstrom, Dillards and AMC Theaters was purchased for $289 million; the 1.1-million-square-foot West County Center anchored by Nordstrom, Macy’s and JCPenney was bought for $395 million; the 1.1-million-square-foot CoolSprings Galleria anchored by Macy’s, Belk, Sears and Dillards was purchased for $200 million; and the 1.1-million-square-foot Pearland Town Center anchored by Macy’s, Dillards, Sports Authority and Barnes & Noble is worth $204 million.
View the full article on Globe St: Large Retail Joint Venture Finalized Between TIAA-CREF and CBL
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Posted by: Nina Turner