Northpark Mall owner buys four malls in St. Louis area

CBL & Associates, Chattanooga, Tenn., owner of Northpark Mall in Joplin, announced it has closed on deals to buy three St. Louis area malls, according to a company news release. The transaction was valued at $1.3 billion.
The news release said:

In the first transaction, CBL gained economic control of three malls including West County Center, Des Peres, MO, South County Center, Mehlville, MO, and Mid-Rivers Mall, St. Peters, MO. In the second transaction, CBL acquired Chesterfield Mall located in Chesterfield, MO from The Westfield Group. CBL will be responsible for all management, leasing and future development at the four centers.

CBL's President, Stephen Lebovitz, commented, "The completion of these transactions will expand our presence in the vibrant and dynamic St. Louis market by adding four top regional malls along with our existing center, St. Clair Square. The centers are well located, with each respective trade area providing above-average business, population and income growth trends. In addition, each mall offers numerous opportunities for near and long-term value creation with leasing, development, and management plans already in progress. With such strong profiles, we expect these malls to make a solid contribution to CBL's future growth."