BEAUMONT, TX-CBL & Associates Properties will purchase 21 malls, including Parkdale Mall in Beaumont, from the Richard E. Jacobs Group for $1.2 billion. The Parkdale Mall, with 150 stores, is one of the largest malls in southeast Texas.

CBL & Associates, a Chattanooga, TN.-based firm, will acquire Jacobs’ interests in 21 regional malls and two associated centers. The portfolio, totaling approximately 19.2 million sf, includes five malls in Wisconsin, three each in North Carolina, Kentucky and South carolina, two each in Michigan and Ohio, one each in Illinois, Tennessee and Texas and associated shopping centers in both Ohio and Wisconsin.

The acquisition is expected to close in first quarter 2001. If the acquisition is completed as planned, CBL’s portfolio will total 161 properties, representing 55 million sf in 26 states, making it one of the top five owners of shopping centers in the nation.

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