ATLANTA—A three-mall portfolio has changed hands. Tennessee-based CBL & Associates Properties sold the portfolio, which includes Rivergate Mall & Village at Rivergate, Panama City Mall & Shoppes at Panama City, and Georgia Square Mall & Georgia Square Theater, to an offshore investor with an Atlanta-based partner, Hendon Properties. The sale price was $176 million.
Jones Lang LaSalle managing directors Margaret Caldwell and Kris Cooper led the team on this transaction. Hendon will lease and manage the malls.
“Investment into the retail sector continues to increase in the U.S. driven by a surge in domestic and foreign investor interest,” says Caldwell. “There's no shortage of equity chasing quality retail properties, as evident by the sale of these three assets.”
Rivergate Mall and the adjacent Village are located in Goodlettsville, TN, along Interstate 65 just north of Nashville. The 1.1 million-square-foot mall is 98.1% leased with a mix of national retailers and shadow anchored by Dillard's, Macy's, JCPenney, and Sears.
Panama City Mall and the adjacent Shoppes are located in Panama City, FL on northwest Florida's beautiful Gulf Coast. The 92% leased mall includes in-line tenants Bed Bath & Beyond, Cost Plus World Market, Carmike Cinema, and Shoe Dept. | Encore.
Georgia Square Mall is the only regional shopping center in the extended Athens-Clarke County, Georgia MSA. Macy's, Belk, JC Penney, and Sears anchor the 686,517-square-foot mall.
“Investors are eager to purchase assets with historic stable performance and potential upside in markets with population growth,” says Caldwell. “These malls are well-located in markets with extremely limited retail development which will ultimately drive increased rents and occupancy levels.”
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