CBL & Associates Properties and The R.E. Jacobs Group have signed a contract to sell both the Triangle Town Center shopping center and the adjacent Triangle Town Place retail center in North Raleigh for $181 million.
The buyer is CBL and an undisclosed institutional investor.
Chattanooga, Tenn.-based CBL and R.E. Jacobs Group now own the properties as part of a 50/50 joint venture. Following the sale, the institutional investor will own 85 percent of the properties and CBL will retain a 15 percent stake while providing leasing and management services.
The deal, which CBL announced in its fourth quarter earnings statement Tuesday, is expected to close in the third quarter. The new owners will assume a $175.1 million loan secured by the centers that comes due in December.
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On a conference call with analysts on Wednesday, CBL executives said the new ownership group planned to refinance the debt and redevelop the property to drive more traffic to the outdoor area of the mall.
“It’s a strong market. Sales are around $320 a foot but they’re growing,” CBL CEO Stephen Lebovitz said of Triangle Town Center.” It has very strong anchors. Saks is an anchor and their business has been growing nicely the past few years.”
Triangle Town Center opened in 2002 and has 1.26 million square feet of retail space.