Situation
CBL & Associates Properties Inc. sought to purchase a regional mall in the North Dakota capital of Bismarck. We advised the real estate investment trust on a two-step process to complete its acquisition of the Kirkwood Mall.
Result
To achieve the business objective, CBL bought 49 percent interest at the end of 2012 and 51 percent during the first quarter of 2013. Stephen Lebovitz, president and CEO of Tennessee-based CBL, called Kirkwood Mall “a terrific addition to our portfolio.”