CBL to sell majority ownership in Triangle Town Center mall
CBL & Associates Properties and Richard E. Jacobs Group have sold a 50 percent interest in the Triangle Town Center in Raleigh, N.C., for $181 million. The two-story enclosed mall has a total property value of $362 million. CBL will continue to own a 15 percent stake in the mall, and the REIT’s new partner will own the remaining 85 percent in the 1.4-square-foot property. The identity of the new investor was not disclosed. The transaction is expected to close in third quarter 2015, and it is subject to the assumption of the $175.1 million loan that is secured by Triangle Town Center and Place and other customary closing conditions. Triangle Town Center opened in 2002 and is anchored by Saks Fifth Avenue, Belk, Macy’s, Sears and Dillard’s.