CBL & ASSOCIATES PROPERTIES, INC. ACQUIRES ST. CLAIR SQUARE IN FAIRVIEW HEIGHTS, ILLINOIS.CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Nov. 25, 1996--CBL & Associates Properties, Inc. (NYSE NYSE See: New York Stock Exchange :CBL Cbl cobalamin. ) today announced the acquisition of St. Clair Square, a 1,044,481-square-foot super regional mall for a purchase price of $86.4 million. St. Clair Square is located on approximately 89 acres at the intersection of Interstate 64 and Route 159 in Fairview Heights, Illinois Fairview Heights is a city in St. Clair County, Illinois, United States. The population was 15,034 at the 2000 census. Geography Fairview Heights is located at (38.593899, -89.996649). , a suburb of St. Louis. Anchored by Dillard's, Famous-Barr, JCPenney and Sears, St.Clair Square currently is 93.7% occupied with mall store sales of $329 per square foot for the year ended December 31, 1995. The mall was originally built in 1974 by The May Company and subsequently sold to Prudential Real Estate Investors. The acquisition was funded on an interim basis with a $66 million loan from Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. bearing interest at 150 basis points over LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). with a three-year term and a two-year extension option. The balance of the purchase price was funded through the Company's credit facilities. Based upon annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues from signed leases in place today, the net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. from the property is expected to be approximately $7.7 million for 1997. "St. Clair Square is a great addition to our portfolio and extends our geographic reach into the Midwest. The strong department store lineup and exceptional mall store sales will provide an opportunity to enhance operations of this mall through better leasing and marketing. We believe there is value to be added through our management expertise," stated Charles B. Lebovitz, CBL's chairman, president and chief executive officer. 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. The Company has a portfolio of 107 properties totaling 20.3 million square feet, manages an additional 2.6 million square feet of non-owned shopping centers, and presently has under construction ten new shopping centers totaling 3.3 million square feet, including one mall, two power centers, two associated centers and five community centers. CONTACT: CBL & Associates Properties, Inc. John N. Foy, 423/855-0001 |
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