CBL tileCBL & Associates Properties Inc. said Thursday it has closed its $192 million purcase of Mayfaire Town Center and Community Center, an open-air center located in Wilmington, N.C., from a partnership between BrodyCo Inc. and Zimmer Development Co.
CBL CEO Stephen Lebovitz said Mayfaire is the “market dominant center for more than 100 miles” and he said the center “has huge potential for future growth in both sales and income.”
“While we have not prioritized acquisitions recently from a capital allocation point of view, this asset is a perfect fit with our portfolio and the goals of our portfolio transformation strategy,” Lebovitz said.
While buying Mayfaire, the Chattanooga-based CBL announced plans last year to sell 21 of its underperforming retail properties.