Biz Briefs: CBL buys mall in North Dakota

Biz Briefs: CBL buys mall in North Dakota

January 11th, 2013 by Staff Reports and Associated Press in Business Quotes

CBL Chief Executive Officer Stephen Lebovitz stands in his office overlooking Hamilton Place Mall

Photo by Chad McClure

CBL buys mall in North Dakota

Chattanooga-based shopping center developer CBL & Associates Properties Inc. plans to acquire Kirkwood Mall in Bismarck, N.D., from Radiant Partners.

In December, CBL completed the acquisition of a 49 percent non-controlling interest in the mall. Additionally, CBL has executed an agreement to acquire the remaining 51 percent interest.

"The acquisition of Kirkwood Mall will add a high-quality and growing property to our portfolio of market-dominant regional malls," said Stephen Lebovitz, CBL's chief executive.

TennCare switches pharmacy manager

Tennessee's Bureau of TennCare has selected Magellan Health Services as the new Pharmacy Benefits Manager (PBM) for the state Medicaid program. The three-year, $35 million contract starts on June 1. Catamaran currently handles pharmacy benefits for TennCare, which covers 1.2 million Tennesseans. Magellan was picked in a competitive bid process and will administer the online system that processes all pharmacy transactions and TennCare's Preferred Drug List and also will negotiate rebates and discounts with drug manufacturers.

"We have been able to control pharmacy spending in the TennCare program through effective management of our pharmacy benefit," said Health Care Finance and Administration Deputy Commissioner Darin Gordon. "We look forward to working with Magellan to continue providing excellent service to our members as well as appropriately managing pharmacy costs."