CBL buys 90th site in North Dakota

CBL buys 90th site in North Dakota

May 17th, 2012 by Mike Pare in Business Around the Region

Hamilton Place mall in Chattanooga is owned by CBL. Staff File Photo

Hamilton Place mall in Chattanooga is owned by...

CBL & Associates Properties Inc. on Wednesday acquired its 90th regional mall or open-air center with the purchase of Dakota Square Mall in Minot, N.D.

The purchase price was $91.4 million, including assumption of a $59 million loan, the Chattanooga-based shopping center company said in a press release.

CBL Chief Executive Officer Stephen Lebovitz said the 622,000-square-foot mall is a textbook example of its dominant mall strategy.

"The center holds an unrivaled franchise position within a growing and economically diverse regional market," he said in a statement.

Katie Reinsmidt, CBL's vice president corporate communications and investor relations, said the mall had a 94 percent occupancy rate as of March 31.

The deal follows an announcement Tuesday that CBL and Horizon Group Properties will expand its outlet center in Oklahoma City, Okla.

The 28,000-square-foot expansion is scheduled to open in November 2012 and will bring Columbia Sports, Ann Taylor LOFT, Waterford, Kenneth Cole, Lucky Brand and more to the center, according to CBL.

"We look forward to welcoming these in-demand new retailers to the center later this year," said Michael Lebovitz, CBL's executive vice president of development and administration.