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$1.2 Billion Retail Sale

CBL & Associates to Acquire 21 Malls in 8 States from Jacobs
October 13, 2000
CBL & Associates Properties Inc. and Richard E. Jacobs Group have entered into an agreement which allows Jacobs to sell 21 of its shopping malls to CBL for $1.2 billion. The portfolio totals approximately 19.2 million square feet of space and consists of malls in North Carolina, South Carolina, Kentucky, Michigan, Ohio, Illinois, Tennessee, and Texas. Dillard's, JCPenney, and Sears are major anchors in the portfolio. "These properties are consistent with our focus on malls that have a dominant franchise in their respective market areas," said Stephen D. Lebovitz, president of CBL. "This transaction clearly defines CBL as the leading mall owner in the Southeast and accelerates our previous expansion into the Midwest. With our knowledge of these markets and our dominant position in the Southeast region, we believe this transaction will add significant value to our company." The sale is expected to close January of 2001. Once the acquisition is complete, Chattanooga, TN-based CBL will own 51 enclosed malls in 26 states totaling 55 million square feet. A list of the shopping centers involved in the transaction, as well as their respective gross leaseable areas in square feet, follows.

Cherryvale Mall, Rockford - 714,000 SF
Fayette Mall, Lexington - 1,096,000
Jefferson Mall, Louisville - 936,000
Kentucky Oaks, Paducah - 878,000
Midland Mall, Midland - 514,000
Fashion Square Mall, Saginaw - 786,000
North Carolina
Randolph Mall, Asheboro - 376,000
Cary Towne Center, Cary - 953,000
Hanes Mall, Winston-Salem - 1,556,000
Eastgate Mall, Cincinnati - 905,000
Eastgate Crossing, Cincinnati - 194,000
Towne Mall, Franklin - 521,000
South Carolina
Citadel Mall, Charleston - 1,068,000
Columbia Mall, Columbia - 1,113,000
Northwoods Mall, North Charleston - 833,000
Old Hickory Mall, Jackson - 555,000
Parkdale Mall, Beaumont - 1,411,000
East Towne Mall, Madison - 895,000
West Towne Mall, Madison - 1,021,000
West Towne Crossing, Madison - 447,000
Brookfield Square Mall, Milwaukee - 1,041,000
Regency Mall, Racine - 918,000
Wausau Center, Wausau - 429,000
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