Chattanooga-based shopping center developer CBL & Associates Properties Inc. today announced that it 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.
CBL anticipates closing on the remaining 51 percent interest within 90 days subject to lender approval, including the assumption of a $40.4 million non-recourse loan secured by the property, which bears a fixed interest rate of 5.75 percent and matures in April 2018.
"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.
CBL owns, holds interest in or manages 163 properties, including 94 regional malls and open-air centers.