The amount of assumed debt was $41.6 million. Secured byNorthpark mall, the non-recourse loan carries a fixed interest rateof 5.75%, according to a statement from CBL. CBL intends toinitially finance the acquisition through its various lines ofcredit and may access a form of fixed rate financing on theunencumbered property in the near future, according to thestatement. Based on current income, the malls are expected togenerate a combined initial yield of 7.34%.

Northpark Mall is a 991,076-sf mall located on Joplin's mainretail thoroughfare, Range Line Road. Occupancy is 77%. Anchorsinclude Famous Barr (The May Co.), Famous Barr-Men's, JCPenney,Sears and Hollywood Theaters. The property comes with two vacantspaces formerly occupied by Montgomery Ward and ShopKo. Built in1972 and expanded and renovated in both 1997 and 1996, the mallposted average 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 1.2 million-sf single-level mall located atthe intersection of Interstate 35 and Hillside Drive in Laredo.Built in 1977, it is 88% occupied and anchored by Dillard's,Foley's, JCPenney, Mervyn's and Sears, as well as a Beall's,Foley's Home store and Joe Brand. The property includes a vacantanchor space formerly occupied by Montgomery Ward. The food courtis in the process of being renovated. Mall Del Norte posted averagemall shop sales of $350 per square foot in 2003. The closest mallcompetition is about 140 miles away, according CBL'sannouncement.