Minot, N.D. — Lightstone Group sells 622,000-square-foot center.
CBL owns, holds interests in or manages 160 properties, including 90 regional malls.Minot, N.D. — CBL & Associates Properties acquired the 622,000-square-foot Dakota Square Mall in Minot, N.D., from the New York City-based Lightstone Group. The single-level mall is anchored by a nine-screen Carmike Cinema, Herberger’s, JCPenney, Sears, Target and Barnes & Noble.
The center generated sales of $470 per square foot for the twelve months ending on March 31 and was 94 percent occupied at the time. Dakota Square Mall was acquired for $91.48 million, including the assumption of a $59 million loan, which matures in November 2016 and bears a fixed interest rate of 6.23 percent. Savills represented the seller in the transaction.