CBL & ASSOCIATES PROPERTIES ACQUIRES ASHEVILLE MALL.CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Jan. 5, 1998--CBL & Associates Properties, Inc. (NYSE NYSE See: New York Stock Exchange :CBL Cbl cobalamin. ) today announced the acquisition of Asheville Mall Asheville Mall is a regional mall in Asheville, North Carolina. Description Asheville Mall is located off Interstate 240 in eastern Asheville. It is predominantly a one-story mall, with mall offices and a B. Dalton Bookseller on separate second levels. , an 820,044-square-foot regional mall in Asheville, North Carolina Not to be confused with Ashville. Asheville is a city in Buncombe County, North Carolina, and is its county seat. As of the 2000 census, the city had a total population of 68,889. It is the largest city in western North Carolina, and continues to grow. , for a purchase price of $65 million. Asheville Mall is located on approximately 78 acres at the intersection of South Tunnel Road and White Pine Drive, less than a quarter mile from I-240. Anchored by Belk, Dillard's, JC Penney, Montgomery Ward and Sears, Asheville Mall is currently 98.5% leased with average mall shop sales exceeding $280 per square foot. Opened in 1973, Asheville Mall was last expanded in 1989 and underwent a total renovation in 1994. The acquisition was funded with a term loan provided by 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. and through the Company's credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . Asheville Mall is expected to generate an initial yield on investment of approximately 8.3%. Charles B. Lebovitz, CBL's chairman, president and chief executive officer, stated, "We are pleased to begin 1998 with such an exciting acquisition. Asheville Mall is the dominant 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 a trade area of over half a million and has a very strong lineup of national retailers. With our aggressive leasing, management and development expertise, we intend to enhance the mall's franchise value through releasing, upgrading the merchandise mix and making efforts to expand the center." 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 121 properties totaling 25.6 million square feet, manages an additional 2.6 million square feet of non-owned shopping centers, and presently has under construction three new projects totaling approximately 1.6 million square feet, including one mall and two community centers. In 1997, the Company opened 10 new shopping centers, expanded four existing shopping centers and acquired two shopping centers, adding 4.5 million square feet to its portfolio. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and the "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties. CONTACT: CBL & Associates Properties Inc., Chattanooga John N. Foy, 423/855-0001 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion