CBL & ASSOCIATES PROPERTIES ACQUIRES SPRINGDALE MALL.CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Sept. 17, 1997--CBL & Associates Properties, Inc. (NYSE NYSE See: New York Stock Exchange :CBL Cbl cobalamin. ) today announced the acquisition of Springdale Mall  should be added to this article, to conform with Wikipedia's Manual of Style.Please discuss this issue on the talk page. , a 926,376-square-foot regional mall in Mobile, Alabama, for a purchase price of approximately $26 million. Springdale Mall is located on approximately 65 acres on Airport Boulevard at Interstate 65 in Mobile, Alabama. Anchored by Gayfer's, McRae's and Montgomery Ward, Springdale Mall is currently 95.6% occupied. Originally developed in 1960 as a two-department store community center, Springdale Mall was subsequently expanded and renovated several times to its present size. The acquisition will be funded through the Company's credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . Based upon 1997 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, Springdale Mall is expected to generate an initial yield on investment of approximately 9.75% after deducting deferred maintenance items. "Springdale Mall is a solid asset and enjoys a strategic location and strong demographics The attributes of people in a particular geographic area. Used for marketing purposes, population, ethnic origins, religion, spoken language, income and age range are examples of demographic data. ," stated Charles B. Lebovitz, CBL~s chairman, president and chief executive officer. "Utilizing our redevelopment, leasing and management expertise, we intend to enhance Springdale Mall through the addition of regional and national retailers and renovation of the property. The total cost of the expansion and renovation is expected to be approximately $14 million." CBL & Associates Properties, Inc. is a real estate investment trust which owns regional malls and community shopping centers 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 , 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 117 properties totaling 23.4 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 five new projects totaling approximately 1.6 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(a) Richmond, VA 60,954 The Terrace(a) Chattanooga, TN 156,317 Massard Crossing(a) Fort Smith, AR 290,717 Salem Crossing(a) Virginia Beach,VA 289,305 Strawbridge Marketplace(a) Virginia Beach,VA 43,570 Springhurst Towne Center(a) 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 (a) Open Total 3,149,108 CONTACT: CBL & Associates Properties Inc., Chattanooga John N. Foy, 423/855-0001 |
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