CBL bought out the 50% interest of its two minority partners in the 98%-leased, two-level regional center for a package price of $43.3 million.
CBL gave its partners 603,344 special common units of with a face value of $32.35 per unit and assumed $23.8 million in non-recourse mortgage debt on the property, according to the company's prepared statement.
The mall's anchors are JC Penney, Dillard's and Sears. Madison Square serves a trade area of over 567,000 residents. The property was developed by CBL in 1984 and renovated in 1994.
CBL is the largest owner of malls and shopping centers in the Southeast, according to the company, and the third largest mall real estate investment trust in terms of gross leased area owned.
CBL has 51 enclosed malls and a portfolio of 158 properties in 26 states totaling 55.9 million sf including 2.1 million sf of non-owned shopping centers managed for third parties. CBL has another 1.7 sf under developed in five new projects.
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