CBL acquires interest in Kirkwood Mall
Bismarck, N.D. -- Chattanooga, Tenn.-based CBL & Associates Properties announced Thursday that it plans to acquire Kirkwood Mall, located in Bismarck, N.D., 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,” said Stephen Lebovitz, president and CEO of CBL. “Similar to Dakota Square Mall in Minot, N.D., which we acquired in 2012, Kirkwood Mall is enjoying remarkable growth.”
The 850,000-sq.-ft. Kirkwood Mall was originally developed in 1971 and was last renovated in 2002. The mall is anchored by Herberger’s, Keating Furniture, J.C. Penney, Scheel’s All Sport and Target.