CBL & ASSOCIATES PROPERTIES, INC. ACQUIRES SHOPPING CENTER IN SPARTANBURG, SOUTH CAROLINA.CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Aug. 27, 1997--CBL & Associates Properties, Inc. (NYSE NYSE See: New York Stock Exchange :CBL Cbl cobalamin. ) today announced the acquisition of Spartan Plaza, a 151,489-square-foot shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into in Spartanburg, South Carolina Spartanburg is the largest city and the county seat of Spartanburg CountyGR6 in South Carolina, and is the second-largest city of the three primary cities in the Upstate region of South Carolina. , for a purchase price of $4,450,000. Spartan Plaza is located on 13.9 acres adjacent to WestGate Mall Westgate Mall is the name of several shopping centers:
Extensive redevelopment plans have been made for Spartan Plaza, including leasing to Goody's, which will open in the first half of 1998, leasing the small shop space, and renovating the exterior of the shopping center. Also planned with the redevelopment is a name change to WestGate Crossing to better identify the center with WestGate Mall. The redevelopment is expected to cost approximately $3.8 million and be completed by the end of 1998. "The acquisition of Spartan Plaza is an excellent opportunity to use our development and leasing expertise to add significant value," stated Charles B. Lebovitz, CBL's chairman, president and chief executive officer. "By capitalizing on the market dominance Market dominance is a measure of the strength of a brand, product, service, or firm, relative to competitive offerings. There is often a geographic element to the competitive landscape. of WestGate Mall, which is currently approximately 93% leased and committed, we expect to increase the yield on Spartan Plaza from approximately 9% initially to in excess of 11% upon stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders ." CBL & Associates Properties, Inc. is a real estate investment trust which owns regional malls and community shopping centers, primarily in the Southeast and select markets in the northeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company has a portfolio of 116 properties totaling 22.2 million square feet (including six new centers opened year to date as indicated below), manages an additional 2.6 million square feet of non-owned shopping centers, and presently has under construction approximately 1.7 million square feet, including one mall, one power center, one associated center and two community centers. -0- NEW SHOPPING CENTERS OPENING IN 1997 Center Location Square Footage Hannaford Food & Drug(1) Richmond,VA 60,954 The Terrace(1) Chattanooga,TN 156,317 Massard Crossing(1) Fort Smith, AR 290,717 Salem Crossing(1) Virginia Beach,VA 289,305 Strawbridge Marketplace(1) Virginia Beach,VA 43,570 Springhurst Towne Center(1) Louisville, KY 798,736 Bonita Lakes Mall Meridian, MS 631,555 Bonita Lakes Crossing Meridian, MS 95,503 Cortlandt Town Center Cortlandt,NY 772,451 Chester Square Richmond, VA 10,000 (1)Open Total 3,149,108 CONTACT: CBL & Associates Properties Inc., Chattanooga John N. Foy, 423/855-0001 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion