New owners for CherryVale
CherryVale Mall has new owners. The sale of the sprawling mercantile center was completed at the end of January.
The new owners are CBL & Associates Properties, Inc., based in Chattanooga, Tenn. CherryVale is among 21 malls and two other centers the company bought for $1.2 billion.
We are very excited to add CherryVale Mall to our portfolio of owned/managed malls, said Charles Lebovitz, chairman of the board and CEO of the company. We already had a presence in Illinois with one center and are looking forward to the addition of CherryVale Mall becoming an integral part of the great shopping places we have in Illinois.
Lebovitz said Mark Peterson, mall manager, Cindy Hindes, marketing director and Gregory Barnes, assistant manager, will remain in their present positions.
The CherryVale acquisition adds more than 918,000 square feet to CBLs holdings. The company, in this total transaction, added five malls in Wisconsin, three each in Kentucky, North Carolina and South Carolina, two each in Michigan and Ohio, one each in Illinois, Tennessee and Texas and an associated center in both Ohio and Wisconsin.
With the addition of 23 other properties to its portfolio, CBL becomes the fifth largest owner of shopping centers in the country.