Chattanooga, Tennessee-based CBL Properties has acquired the Paddock Mall in Ocala and three other indoor malls in a deal valued at $178.9 million, according to a CBL news release issued on July 29.
The Paddock Mall, 3100 SW College Road (State Road 200,) and the three other malls were sold by Washington Prime Group, which announced in April that it was selling those malls and dozens of other properties that were part of its retail portfolio.
"This acquisition reinforces CBL’s position as the preeminent owner and manager of successful enclosed malls in dynamic and growing middle markets," CBL said in its news release. The three other malls are Ashland Town Center in Ashland, Kentucky; Mesa Mall in Grand Junction, Colorado; and Southgate Mall in Missoula, Montana.
Earlier coverage: Owner unloading 10 Fla. malls. Where are they? List includes Ocala, Pensacola
"Each of these newly acquired assets enjoys strong market positioning and both near and long-term growth potential," said Stephen D. Lebovitz, CEO of CBL Properties, in the release.
The Paddock Mall opened in 1980. Its current anchors are Macy's, JC Penney and Belk. The former Sears site is being developed as a retail/entertainment/dining hub.
According to the news release, "CBL’s owned and managed portfolio is comprised of 89 properties totaling 55.4 million square feet across 22 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers, as well as more than 30 open-air centers and other assets."
The Florida portion of that portfolio includes Volusia Mall in Daytona Beach, The Pavilion at Port Orange, and Hammock Landing in West Melbourne.
The Wall Street Journal, in a report on the sale posted the evening of July 29, said the transaction is "the latest sign that the mall sector’s recovery is extending beyond luxury and high-end properties."
This article originally appeared on Ocala Star-Banner: Paddock Mall in Ocala, Florida one of four 'middle market' malls sold
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