REAL ESTATE

Mills Corp. Buys Two Big Malls

BY CSA STAFF

Arlington, Va., The Mills Corp. will purchase a portfolio of two regional shopping malls, Southdale Center in suburban Minneapolis, and Southridge Mall in suburban Milwaukee, Wis., and related development components from a joint venture comprised of Blackstone Real Estate Advisors affiliates and Polaris Capital. The total consideration is approximately $452 million before transaction costs.

Specialty tenant sales at the two centers averaged $418 per square foot in 2004. Excluding vacant anchors, the properties are 88% leased.

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REAL ESTATE

CBL Acquires Malls in Texas, Missouri

BY CSA STAFF

Chattanooga, Tenn., CBL & Associates Properties, Inc. is spending $249.4 million to acquire Mall Del Norte in Laredo, Texas, and Northpark Mall in Joplin, Mo. At just under 1.2 million sq. ft., Mall Del Norte is currently 88% occupied and features Dillard’s, Foley’s, J.C. Penney, Mervyn’s and Sears as anchor tenants. Northpark Mall, which totals 991,100 sq. ft. and is currently 77% occupied, is anchored by Famous Barr, J.C. Penney, Sears and Hollywood Theaters.

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