CBL Properties, one of the nation’s biggest owner-operators of regional malls, continues to re-make its portfolio, reporting that it has acquired four malls from Washington Prime Group for a total of $178.9M.
The four malls in question are:
Mesa Mall, Grand Junction, Colorado
Mesa Mall is the largest indoor shopping centre in western Colorado, located in Grand Junction at the intersection of US Highways 6 and 50. Spanning over 733,000sq ft the mall features more than 120 tenants, making it the premier retail destination between Denver and Salt Lake City. It is anchored by major national retailers including Cabela’s, Dillard’s, JCPenney, Target, HomeGoods and Dick’s Sporting Goods. Originally developed in 1980, the mall has undergone several redevelopments to modernise its offerings and maintain its dominant position in the market.
Ashland Town Center, Ashland, Kentucky
Ashland Town Center is a single-level enclosed regional shopping mall located along US Highway 23 near downtown. Opened in 1989, the 420,000sq ft mall’s tenant line-up features JCPenney, Belk, TJ Maxx, Ulta Beauty and Five Below. The centre has undergone several renovations over the years, including a major redevelopment in the late 2000s that added a new JCPenney prototype store. Dining options include Olive Garden and Slim Chickens.
Paddock Mall, Ocala, Florida
This single-level, 550,000sq ft property is the only enclosed mall in Marion County. Strategically situated on an 82-acre site along State Road 200 near I-75, Paddock Mall serves as a key shopping destination for the region. It holds more than 90 stores and restaurants and is anchored by JCPenney, Macy’s and Belk. A fourth anchor space – formerly Sears – is under redevelopment and will emerge as Paddock Market.
Southgate Mall, Missoula, Montana
The largest enclosed shopping centre in western Montana, Southgate is strategically situated along US Highway 93 and South Avenue near the University of Montana campus. It has long served as a central retail and entertainment hub for the region. Opened in 1978, the mall spans approximately 546,000sq ft and holds 85 stores and restaurants. Top brands include AMC Theatres, Scheels All Sports and Dillard’s.
“We are thrilled to add these four dominant enclosed malls to the CBL portfolio,” CBL’s CEO Stephen Lebovitz said in a press release. “Each property fits perfectly within our existing portfolio. They enhance CBL’s operating metrics, augmenting sales and occupancy and offer both near-and-long-term growth opportunities.”
