Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOS ANGELES-CBL & Associates is acquiring four St. Louis-area malls from the Westfield Group; three through joint ventures and one outright in a deal worth $1.03 billion. In addition, Westfield is acquiring two malls in the Metro Miami area for $400 million, from a partnership between Simon Property Group and Farallon Capital Management Group.

Westfield is selling the 1.3-million-sf Chesterfield (MO) Mall to CBL outright. That center, which underwent a $61-million renovation last year, is anchored by Dillards, Macy’s and Sears.

Three other Missouri malls, the one-million-sf Mid Rivers Mall, in St. Peters; the one-million-sf South County Center, in Mehlville; and the 1.3-million-sf West County Center, in Des Peres; will be contributed into the joint venture. All four assets have average sales per-sf of $376 and are 86% leased.

Sydney, Australia-based Westfield, which has its US headquarters here, will have a minority share in the joint venture, called CV Joint Venture. As part of the agreement, Westfield is receiving $420 million and a 5% return annually on that figure for at least five years. Chattanooga, TN-based CBL is assuming $320 million in debt and will manage and lease the three malls in the JV, which the parties expect to close in 90 days. CBL, the owner of 80 malls across the country, is also contributing six malls and three other centers to the joint venture.

On the acquisition front, Westfield is buying in Florida the one-million-sf Broward Mall; and the 820,000-sf Westland Mall, in Hialeah. Broward, with sales per-sf of $470, is anchored by Dillards, J. C. Penney, Macy’s and Sears. Westland has sales per-sf of $460 and counts J.C. Penney, Macy’s and Sears as anchors.

The two properties were acquired by Simon and Farallon as part of the Mills Corp. portfolio in March. The acquisition marks the entrance into the Miami area for Westfield, which owns 59 malls across the country.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.