Real Estate Marketing & Beyond
Today, institutional real estate investor TIAA-CREF announced a $1.09 billion join venture with CBL to invest in four shopping malls. The shopping malls are Oak Park Mall in Kansas City, KS, CoolSprings Galleria in Nashville, TN, County Center in St. Louis, MO, and Pearland Town Center in Pearland, TX.
Pearland Town Center
According to Stephen Lebovitz, president and chief executive officer of CBL & Associates Properties, Inc., the transaction will help reduce the company's debt by close to $480 million, which will assist them in their deleveraging efforts. TIAA-CREF will reap the benefits of 50 percent pari passu interest in Oak Park Mall, West County Center, and CoolSprings Galleria, all three of which are enclosed malls. It will also receive 12 percent interest in Pearland Town Center.
West County Center is a 1.3-million-square-foot mall located in St. Louis, MO and is home to Nordstrom, Macy's JCPenney, and Barnes & Noble. Oak Park Mall is located near Kansas City and is a 1.5 million-square-foot mall home to Nordstrom, JCPenney, Macy's, Dillard's along with 185 specialty stores and restaurants. CoolSprings Galleria, near Nashville, TN, is over 1 million square feet and offers Belk, Sears, Macy's, JCPenney, and Dillard's, as well as 150 specialty stores such as Bare Escentuals and Pottery Barn. Pearland Town Center is located near Houston, TX and is an open-air environment ideal for walking. Among its anchor stores are Dillard's, Macy's, and Barnes & Noble.
CoolSprings Galleria
TIAA_CREF Global Real Estate holds approximately $46 billion in its global portfolio with direct and indirect investments. It directly owns more than $14 billion in office, retail, industrial, and multifamily properties. CBL & Associates Properties Inc. holds interest in or manages 157 properties, 85 of which are regional malls/open-air centers. In total, CBL's properties occupy 84.9 million square feet in 26 states.
