Huntsville, Ala. Chattanooga, Tenn.-based CBL & Associates Properties said Monday that it had acquired the remaining 50% interest in Parkway Place in Huntsville, Ala., from its joint venture partner Colonial Properties Trust.
The interest was acquired for a total consideration of $38.8 million.
â€śParkway Place has performed well over the years and year-to-date has posted double-digit increases in sales. We are excited to have the opportunity to acquire our partnerâ€™s interest at an attractive price,â€ť said Stephen Lebovitz, president and CEO, CBL & Associates Properties. â€śThe Huntsville market continues to generate impressive economic growth and we look forward to enhancing this already strong center.â€ť
Parkway Place is a 647,000-sq.-ft. enclosed regional mall, anchored by Belk and Dillardâ€™s and featuring 273,000 sq. ft. of stores and restaurants including Carabbaâ€™s Italian Grill, Chicoâ€™s, The Buckle, Forever 21, Pottery Barn, Victoriaâ€™s Secret and the recently opened Charming Charlie.