CBL acquires Dakota Square Mall
Minot, N.D. -- Chattanooga, Tenn.-based CBL & Associates Properties announced it has acquired Dakota Square Mall in Minot, N.D.
CBL acquired the property from the Lightstone Group.
“Dakota Square Mall offers significant immediate and long-term upside potential with below-average occupancy costs as well as opportunities for conversions of temporary tenants to permanent leases,” said Stephen Lebovitz, president and CEO of CBL & Associates Properties. “We anticipate adding value through these opportunities, as well as capitalizing on the substantial growth the market is experiencing.”
Dakota Square Mall was acquired for a total consideration of $91.475 million. It is a 622,000-sq.-ft., single-level, enclosed super-regional mall anchored by a nine-screen Carmike Cinema, Herberger’s, J.C. Penney, Sears, Target, Barnes & Noble and Scheels All Sports.