The 45.4-acre site in the southwest corner of Old Moultrie Road and State Road 312, FL, 150 miles north of Downtown Orlando, is expected generate an initial unleveraged return of 10%, says Charles B. Lebovitz, the REIT's chairman and CEO.

"This new center has a unique combination of traditional broad line retailers, together with businesses offering neighborhood conveniences," Lebovitz says. The center's anchors are Beall's Department Store, 55,400 sf; Publix Supermarket, 44,271 sf; Ross Dress for Less, 30,186 sf; Michael's Arts and Crafts, 20,303 sf; Bed, Bath & Beyond, 20,000 sf; and Pier I Imports, 9,000 sf.

Six outparcels have also been planned for free-standing businesses. Lebovitz calls CBL the third largest mall REIT based on gross leased area owned in the United States. The company's portfolio comprises 160 shopping centers in 25 states totaling 57.3 million sf, including 2.2 million sf of non-owned centers managed for third parties.

In Florida, CBL owns three malls and seven community shopping centers. They are The Avenues in Jacksonville; Lakeshore Mall in Sebring; and Panama City Mall in Panama City. Besides St. Augustine, the community shopping centers are in Tampa, St. Petersburg, Bartow, Jacksonville, Plant City and Spring Hill.