BRIEF: CBL buys 90th site in North Dakota
May 17, 2012 (Menafn - Chattanooga Times Free Press - McClatchy-Tribune Information Services via COMTEX) --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.
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