By Laura Calugar
Time Equities Inc. purchased two enclosed regional malls in Tennessee for a total of $53.5 million. CBL & Associates Properties Inc., a Chattanooga-based real estate firm, sold both the College Square Mall and the Foothills Mall. At approximately 700,000 square feet combined, TEI’s latest acquisitions mark the firm’s largest purchases in the state to date. NGKF’s Thomas Dobrowski represented the seller in this transaction, while Ami Ziff, Jonathan Kim and Adam Levitt represented Time Equities in-house.
“These two assets were a natural fit for our growing portfolio of enclosed malls given their stable anchors, increasing tenant sales, tremendous leasing momentum and growth potential,” said TEI Director of National Retail Ami Ziff, in a prepared statement.
College Square Mall
Located at 2550 East Morris Blvd. in Morristown, Tenn., College Square Mall is five miles west of Interstate 81 at the intersection of Morris Boulevard and US-25E. The shopping center is currently 96 percent occupied. Tenants include Belk, Dick’s Sporting Goods, Carmike Cinemas, T.J. Maxx, Planet Fitness, Shoe Dept. Encore, Hibbett Sporting Goods, Ulta Beauty, Longhorn Steakhouse, Bath & Body Works and Kay Jewelers. Walmart SuperCenter, Hobby Lobby, Ross Dress for Less and OfficeMax are among the mall’s neighboring retailers.
Situated at 197 Foothills Mall Drive in Maryville, Tenn., Foothills Mall services a trade area population of approximately 120,000 people within a 10-mile radius. Boasting a 90 percent occupancy rate, current tenants include JCPenney, T.J. Maxx, Carmike Cinemas, Shoe Dept. Encore, American Eagle, Bath & Body Works, Finish Line, Kay Jewelers and Chick-Fil-A. Kroger Marketplace, Target and Home Depot are the shopping center’s neighboring retailers.
Both properties will undergo capital improvements. New tenants will also be added to the malls’ current retail mix, with leasing managed by Urban Retail Properties LLC. College Square Mall and Foothills Mall are TEI’s largest and second-largest retail assets in the state, with additional holdings in Memphis, Nashville, Bristol and Bartlett, Tenn.
Images courtesy of College Square Mall and Foothills Mall via Facebook