This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

CBL Announces Acquisition Of Interest In Kirkwood Mall In Bismarck, ND

CBL & Associates Properties, Inc. (NYSE: CBL), today announced that it plans to acquire Kirkwood Mall in Bismarck, ND, from Radiant Partners.

In December 2012, CBL completed the acquisition of a 49% non-controlling interest in Kirkwood Mall. Additionally, CBL has executed an agreement to acquire the remaining 51% interest. CBL anticipates closing on the remaining 51% interest within 90 days (subject to lender approval), including the assumption of a $40.4 million non-recourse loan secured by the property, which bears a fixed interest rate of 5.75% and matures in April 2018.

“The acquisition of Kirkwood Mall will add a high-quality and growing property to our portfolio of market-dominant regional malls,” commented Stephen Lebovitz, president and CEO of CBL. “Similar to Dakota Square Mall in Minot, ND, which we acquired in 2012, Kirkwood Mall is enjoying remarkable growth from its proximity to the Bakken Formation oil reserves. We anticipate increasing the net operating income from the center through near- and long-term opportunities, including rent growth from roll-over leases as well as occupancy improvements and development of peripheral property.”

Kirkwood Mall is located in North Dakota’s state capital of Bismarck. The local economy has grown tremendously in recent years as a result of its proximity to the Bakken Formation. The state of North Dakota has the lowest unemployment rate in the country and is one of only a few states with a budget surplus. Bismarck’s unemployment rate is estimated to be less than 4%.

The mall is situated on 68 acres and serves a broad trade area with the nearest competition located more than 100 miles away. The 850,000-square-foot mall was originally developed in 1971 and was last renovated in 2002. The mall is anchored by Herberger’s, Keating Furniture, JCPenney, Scheel’s All Sport and Target and features a strong line-up of mall retailers and restaurants such as The Buckle, Chico’s, Justice, The Children’s Place and Victoria’s Secret. The mall was 87.9% occupied at September 30, 2012. Sales per square foot at the center have increased more than 15% to over $400 per square foot for 2012. The mall offers both near- and long-term growth potential with low in-place occupancy cost of approximately 9.2% as well as lease-up opportunities.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,982.59 +22.02 0.13%
S&P 500 1,978.91 +0.57 0.03%
NASDAQ 4,444.9090 -4.6550 -0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs