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.
“Parkway 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 partner’s interest at an attractive price,” said Stephen Lebovitz, president and CEO, CBL & Associates Properties. “The Huntsville market continues to generate impressive economic growth and we look forward to enhancing this already strong center.”
Parkway Place is a 647,000-sq.-ft. enclosed regional mall, anchored by Belk and Dillard’s and featuring 273,000 sq. ft. of stores and restaurants including Carabba’s Italian Grill, Chico’s, The Buckle, Forever 21, Pottery Barn, Victoria’s Secret and the recently opened Charming Charlie.