A real estate investment firm based in Tennessee has just acquired the Paddock Mall and three other shopping centers for an estimated $178.9 million.
CBL Properties announced the acquisition of the four malls from Washington Prime Group (WPG) on Tuesday. In a press release, the company stated that the acquisition reinforces the company’s position “as the preeminent owner and manager of successful enclosed malls in dynamic and growing middle markets.”
“We are thrilled to add these four dominant enclosed malls to the CBL portfolio,” said Stephen D. Lebovitz, CEO of CBL Properties, in a press release from the company. “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.”…