WILMINGTON, NC—Chattanooga, TN-based CBL & Assoc. Properties has acquired the Mayfaire Town Center and Mayfaire Community Center here for $192 million. The sale, which closed on June 18, is significant not only because of the actual trade but also because it frees up the sellers to focus on nearby office development.

The original developers, Greenville-based BrodyCo. and Wilmington-based Zimmer Development, are the sellers.

The acquisition appears to be a value play, at least reading between the lines of the sellers' announcement.

The companies warned that shoppers won't notice immediate changes -- but that they are coming. Hyman Brody, CEO of BrodyCo, said that CBL has the "fresh thinking," experience, contacts and capital to take Mayfaire to "the new level."

"We've completed all but one phase in the development of Mayfaire and have accomplished what we set out to achieve," Brody noted in a prepared statement.

There are numerous opportunities to improve the shopping experience at Mayfaire, CBL President and CEO Stephen D. Lebovitz, said, such as signing on more premier brands as tenants. "Mayfaire will also enjoy a synergistic relationship with our other assets in the Carolinas, primarily Friendly Center in Greensboro, NC, one of our most successful properties generating strong growth and consistent demand from high quality retailers, including the recently opened Lululemon store."

As for the sellers, they will now focus on the Mayfaire office park and the 40 acres it recently purchased adjacent to Mayfaire.

A 400-acre mixed-use development, Mayfaire includes approximately one million square feet of retail that is home to Belk's, Regal Cinemas, Dick's Sporting Goods, Barnes & Noble, J. Crew, Pottery Barn and Williams-Sonoma.

The development also includes two hotels (Hilton Garden Inn and Homewood Suites), an office complex and over 700 residential units.

Savills Studley represented the sellers on the transaction.