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DURHAM, NC-A joint venture of Chattanooga, TN-based CBL & Associates and Teachers Retirement System of the State of Illinois has acquired the 70-acre Renaissance Center mixed-use development at Interstate 40 and Fayetteville Road for $90 million. The seller was Cincinnati-based Midland Atlantic Development, which developed the property beginning in 2004.

The project–which features retail, restaurants, 120 apartments and 56,000 sf of class A office–was completed in 2007. Starmount Co. leased and managed the property. “Our development of the Southpoint area has been a terrific experience,” says Midland Atlantic managing principal John Silverman, in a prepared statement.

Anchored by REI Sports and Best Buy, Renaissance Center is 93% occupied. Other retail tenants include Old Navy, Pier One, Babies ‘R’ Us, Linens n’ Things, World Market, PF Chang’s, Chili’s and Ted’s Montana Grill. The development is located across the street from the Nordstrom-anchored Streets at Southpoint Mall.

Midland Atlantic has also developed the 300,000-sf Renaissance Center at Southpoint retail center and the Shops at South Square in Durham.

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