CBL Properties announced that it has closed on the acquisition of its partner’s 50% joint venture interests in CoolSprings Galleria.
In addition to CoolSprings Galleria, CBL acquired Oak Park Mall in Kansas City, KC, and West County Center in St. Louis, MO. with the interests were acquired for a total cash consideration of $22.5 million. CBL also assumed an aggregate $266.7 million in three non-recourse loans, secured individually by each of the assets.
“We are pleased to gain full control of these high-performing assets, which will allow us to more fully execute our vision for growth as well as reap 100% of the future financial gains,” said Stephen D. Lebovitz, CBL’s Chief Executive Officer in a release. “These malls are among the most productive properties in our portfolio and owning 100% of them is a major step forward for CBL. The transaction is immediately accretive and provides both near and long-term value-creation opportunities, most notably the comprehensive densification plans which are underway at CoolSprings Galleria.”
The proposed updates to CoolSprings Galleria include:
- Changes to the site include in-fill development around the western side of the Galleria.
- A variety of new uses are proposed, including retail/restaurant, hospitality, and multi-family residential.
- At full build-out, approximately 600 residential units, a 120-key hotel, and 76,700 sf of commercial space are planned.
- This development will create a variety of new civic spaces and pedestrian experiences, positively impact the site’s stormwater treatment, and improve vehicular circulation both on and off-site. The new uses will support the existing Galleria and create a true mixed-use development.
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