TIAA-CREF and CBL & Associates Properties, Inc. (NYSE: CBL), appear a $1.09 billion absolute acreage collective adventure to advance in bazaar ascendant arcade malls.
TIAA-CREF will advance in four of CBL’s bazaar ascendant arcade malls: Oak Park Capital in Kansas City, West County Centermost in St. Louis, CoolSprings Galleria in Nashville and Pearland Town Centermost in Pearland, Tex.
“We accept been exploring collective adventure opportunities for absolutely some time and our backbone and chain has been rewarded,” said Stephen Lebovitz, admiral and arch controlling administrator of CBL & Associates Properties, Inc. “We accept TIAA-CREF is the appropriate accomplice for CBL and calm accept structured a mutually benign venture. We are admiring to admit the cogent accessory in amount for our portfolio through this transaction.”
TIAA-CREF’s All-around Absolute Acreage accumulation owns over $14 billion (12/31/10) of primarily high-quality backdrop in the office, retail, automated and multifamily sectors beyond the U.S., Canada, and Western Europe.
“This is an adorable befalling to aggrandize TIAA-CREF’s abiding brand in the ascendant bounded retail sector,” said Philip McAndrews, managing administrator and arch of all-around absolute acreage affairs and collective ventures for TIAA-CREF. “The advance underscores our continuing action to advance in high-quality, well-leased and well-located retail backdrop with able and accomplished partners, such as CBL. We accept cool bounded malls are an capital allotment of a well-diversified portfolio. These assets accommodate abiding assets streams forth with abiding and constant continued appellation values.”
Lebovitz added, “This transaction will not alone added our deleveraging efforts by abbreviation our absolute debt by about $480 million, it will additionally actualize a agent to accompany approaching accumulated advance opportunities.”
TIAA-CREF will accept a 50 percent pari passu absorption in the three amid malls, including Oak Park Mall, West County Center, and CoolSprings Galleria and a 12% absorption in Pearland Town Center. In addition, TIAA will accept about $268 actor of acreage specific debt. CBL will abide to administer and charter the properties. CBL anticipates closing on the transaction by third division 2011. Eastdil Secured acted as CBL’s absolute banking adviser in alignment this collective venture.
About The Properties
West County Centermost in St. Louis (Des Peres), MO: West County Centermost is a 1.3-million-square-foot super-regional capital anchored by Missouri’s alone Nordstrom as able-bodied as Macy’s, JCPenney and Barnes & Noble. The capital is amid on 51.0 acreage with accomplished accessibility at the circle of I-270 and Maner Road (Hwy 100). West County Centermost was originally congenital in 1969 and underwent a $230 actor redevelopment in 2002 abacus Nordstrom, three parking structures and a new aliment cloister in the process. In 2009, CBL redeveloped the aloft Lord & Taylor abundance into an amphitheater accession anchored by Barnes & Noble and featuring flush restaurants including Bravo!, McCormick & Schmicks and specialty retailers such as NorthFace and XXI.
Oak Park Capital in Kansas City (Overland Park), KS: Oak Park Capital is a added than 1.5 actor square-foot, high-performing arcade destination featuring four administration food including the area’s alone Nordstrom as able-bodied as Dillard’s, Macy’s and JCPenney, additional added than 185 specialty food and restaurants. Specialty food accommodate American Girl, Arden B., Banana Republic, Bare Escentuals, bebe, Chico’s, Coach, Lacoste, LUSH, Naartjie Kids, Puma, Sephora, Teavana, White House Black Bazaar and XXI. Several restaurants are amid on the capital ambit including a afresh opened Cheddar’s Casual Cafe, Mimi’s Cafe, On The Border and Outback Steakhouse.
CoolSprings Galleria in Nashville (Franklin), TN: CoolSprings Galleria is a added than one actor square-foot super-regional arcade destination anchored by Belk, Dillard’s, JCPenney, Macy’s and Sears. The capital is calmly amid off I-65 at avenue 69 Galleria Boulevard aloof fifteen afar south of Nashville. The arcade centermost appearance added than 150 specialty food including Bare Escentuals, Banana Republic, Coldwater Creek, Johnston & Murphy, Pottery Barn, and Williams-Sonoma.
Pearland Town Centermost in Houston (Pearland), TX: Pearland Town Centermost offers exceptional retail, residential, appointment and auberge amplitude in an open-air, pedestrian-friendly environment. Calmly amid at FM 518 and Highway 288, Pearland Town Centermost is anchored on 147 acreage of exceptional retail amplitude aural the greater Houston city corridor. The centermost appearance a 718,000-square-foot amphitheater affairs centermost anchored by appearance administration food Dillard’s and Macy’s, as able-bodied as Barnes & Noble. Pearland Town Centermost additionally appearance a advanced alternative of retailers and restaurants including Coldwater Creek, Eddie Bauer, BJ’s Restaurant & Brewhouse, Aéropostale, Pac Sun, and more. A 110-room, four-story Courtyard by Marriott auberge is amid aloft the center’s retail shops a Macy’s. In addition, Pearland Town Centermost offers appointment and multi-family residential amplitude aloft the retail, a 25-acre lake, and afar of walking paths and parks, creating a absolutely burghal experience.
About TIAA-CREF All-around Absolute Estate
TIAA-CREF is one of the better institutional absolute acreage investors in the U.S., with an about $46 billion all-around portfolio of absolute and aberrant investments (12/31/10). TIAA-CREF originated its aboriginal bartering mortgage in 1934 and began absolute advance in bartering absolute acreage in 1947. Today, on account of individuals, accessible and clandestine institutions in the U.S. and abroad, TIAA-CREF All-around Absolute Acreage anon owns over $14 billion (12/31/10) of primarily high-quality backdrop in the office, retail, automated and multifamily sectors beyond the U.S., Canada, and Western Europe.
TIAA-CREF is a civic banking casework alignment and the arch provider of retirement casework in the academic, research, medical and cultural fields with $453 billion in accumulated assets beneath administration (12/31/10).
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., associates FINRA, administer balance products.
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