CBL acquires interest in Kirkwood Mall
Bismarck, N.D. — Chattanooga, Tenn.-based CBL & Associates Properties announced Thursday that it plans to acquire Kirkwood Mall, located in Bismarck, N.D., from Radiant Partners.
In December 2012, CBL completed the acquisition of a 49% non-controlling interest in Kirkwood Mall. Additionally, CBL has executed an agreement to acquire the remaining 51% interest. CBL anticipates closing on the remaining 51% interest within 90 days (subject to lender approval), including the assumption of a $40.4 million non-recourse loan secured by the property, which bears a fixed interest rate of 5.75% and matures in April 2018.
“The acquisition of Kirkwood Mall will add a high-quality and growing property to our portfolio of market-dominant regional malls,” said Stephen Lebovitz, president and CEO of CBL. “Similar to Dakota Square Mall in Minot, N.D., which we acquired in 2012, Kirkwood Mall is enjoying remarkable growth.”
The 850,000-sq.-ft. Kirkwood Mall was originally developed in 1971 and was last renovated in 2002. The mall is anchored by Herberger’s, Keating Furniture, J.C. Penney, Scheel’s All Sport and Target.
Jo-Ann Fabric and Crafts to open at Conyers Plaza
Conyers, Ga. — Brixmor Property Group announced a 24,920-sq.-ft. lease was executed with Jo-Ann Fabric and Crafts at Conyers Plaza, located in Conyers, Ga.
Brixmor, based in New York City, is the owner of Conyers Plaza.
Duane Morris names co-chairs of Real Estate Practice Group
Philadelphia and New York — Law firm Duane Morris announced that it has named partners Chester Lee in New York and George Kroculick in Philadelphia as co-chairs of its firmwide Real Estate Practice Group.
Lee and Kroculick succeed partner Marc Brookman in heading the practice.
Lee and Kroculick will take over a national practice involving more than 90 lawyers with broad experience in real estate and development matters.
Kroculick practices in the area of real estate law with a focus on eminent domain — including just compensation, right to take, relocation assistance and highway access management, as well as land use and land use litigation — and real estate tax relief matters.
Lee practices in the area of real estate law, providing strategic and legal advice for all types of commercial real estate transactions.