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CHATTANOOGA, TN-CBL & Associates Properties Inc. has addedabout 2.2 million sf to its regional mall portfolio. The locallyheadquartered retail REIT paid $249 million in cash and assumeddebt for the 1.2-million-sf Mall Del Norte in Laredo, TX and the990,000-sf Northpark Mall in Joplin, MO.The amount of assumed debtwas $41.6 million. Secured by Northpark mall, the non-recourse loancarries a fixed interest rate of 5.75%, according to a statementfrom CBL. CBL intends to initially finance the acquisition throughits various lines of credit and may access a form of fixed ratefinancing on the unencumbered property in the near future,according to the statement. Based on current income, the malls areexpected to generate a combined initial yield of 7.34%. NorthparkMall is a 991,076-sf mall located on Joplin's main retailthoroughfare, Range Line Road. Occupancy is 77%. Anchors includeFamous Barr (The May Co.), Famous Barr-Men's, JCPenney, Sears andHollywood Theaters. The property comes with two vacant spacesformerly occupied by Montgomery Ward and ShopKo. Built in 1972 andexpanded and renovated in both 1997 and 1996, the mall postedaverage mall shop sales of $308 per square foot in 2003. Theclosest mall competition is 75 miles away, according CBL'sannouncement. Mall Del Norte is a 1,198,199-sf single-level malllocated at the intersection of Interstate 35 and Hillside Drive inLaredo. Built in 1977, it is 88% occupied and anchored byDillard's, Foley's, JCPenney, Mervyn's and Sears, as well as aBeall's, Foley's Home store and Joe Brand. The property includes avacant anchor space formerly occupied by Montgomery Ward. The foodcourt is in the process of being renovated. Mall Del Norte postedaverage mall shop sales of $350 per square foot in 2003. Theclosest mall competition is about 140 miles away, according CBL'sannouncement. CBL & Associates Properties Inc. is one largestmall owners in the US and the largest in the Southeast. The companyowns, holds interests in or manages 166 properties, including 69enclosed regional malls totaling 71.5 million sf. No CBL executivewas immediately available Monday to discuss any specific plans forthe vacant anchor spaces in its new properties. In announcing thepurchase, Charles Lebovitz, CBL chairman chief executive, says theproperties offer significant opportunity to improve cash flowthrough re-tenanting and upgrading the malls and through creativeuse of the vacant anchor stores. In addition, there areopportunities to achieve greater efficiencies in mall operations,specialty leasing and marketing, he says.