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NEWNAN, GA-CBL & Associates Properties Inc. of Chattanooga, TN, which calls itself the third largest mall REIT in the US based on gross leased area owned, is scaling back a planned 1.3-million-sf mall project in this city about 40 miles southwest of Downtown Atlanta.

Rising retail vacancies in metro Atlanta were cited in the developer’s revision plans filed with the Georgia Regional Transportation Authority, area retail brokers familiar with the project tell GlobeSt.com. The revised venture is expected to do business as an open-air shopping center in 2005.

The original project, Village at Newnan Crossing, has been in the planning stage since 1996. It was initially planned to have about five anchors.; however, the scaled-down version isn’t expected to have a major anchor, brokers tell GlobeSt.com.

The development site is off Interstate 85 and south of the GA 34 interchange in Coweta County. Wal-Mart, Target, Lowe’s and Kohl’s are among the established retailers in that submarket.

CBL’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.

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