Mall Trades For $35 PSF

May 12, 2014 No Comments by

CBL & Associates Properties, Inc. sold the Lakeshore Mall at 901 US Hwy 27 N in Sebring to B.V. Belk Properties, Inc. for $14 million, or about $35 per square foot, with a 9% CAP rate.

The 397,731-square-foot shopping center was built in 1992 on 64.8 acres in Highlands County. The asset was 98 percent leased at the time of sale, anchored by K-Mart, JC Penney, Belk, Bealls Department Stores, and a Carmike Cinemas.

“We are pleased to advance our strategic objective of selling lower productivity malls with the disposition of Lakeshore Mall,” said Stephen Lebovitz, CBL’s president & chief executive officer. “We are also achieving progress with our additional disposition efforts and look forward to making announcements over the coming months.”

The new owner will handle leasing and management in-house, and is planning capital improvements including 100,000 square feet of new roof, exterior updates, landscaping, upgrades to the food court, and signage improvements. The deferred maintenance was estimated at 5%, and will help the new owner capitalize on upside potential by bringing in national tenants.

Margaret Caldwell, Kris Cooper and Carson Good with JLL represented the seller.

 

Source:  CoStar

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Industry News, NA, Retail
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