MISSOULA — A Tennessee-based company became the new owner of Southgate Mall over the weekend.
According to the Wall Street Journal, CBL Properties purchased four middle-market malls — including Southgate — from Washington Prime Group. The deal is valued at $178 million.
Washington Prime purchased Southgate Mall for $58 million in 2018, making it one of the largest financial transactions in the Pacific Northwest that year.
The property had been owned by the Lambros family up until that point.
The pandemic wasn't kind to the retail industry, forcing Washington Prime to file for bankruptcy in 2021.
CBL also went through bankruptcy reorganization and now sees value in middle-market shopping malls.
The acquisition is “the latest sign that the mall sector's recovery is extending beyond luxury and high-end properties,” the Wall Street Journal noted.
Other malls in the deal include Grand Junction, Colorado; Ashland, Kentucky; and Ocala, Florida.
“CBL is redefining what the mall means to our communities by combining retail, dining, and other mixed uses,” the company stated.
