CBL to purchase $540.8 million retail and office portfolio

Properties located throughout North Carolina

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CBL & Associates Properties Inc. and Teachers' Retirement System of The State of Illinois have agreed to form a 50/50 joint venture partnership to acquire a portfolio of retail and office buildings in North Carolina. The properties include Friendly Center and The Shops at Friendly Center in Greensboro, six office buildings situated adjacent to Friendly Center in Green Valley Office Park, and Renaissance Center in Durham, N.C. The portfolio will be acquired from the Starmount Co., a private real estate owner, operator and developer. CBL said it expects to close on the majority of the transaction today with the closing of Renaissance Center occurring by the end of the year. The joint venture will assume approximately $81.6 million of non-recourse, long-term fixed debt at a weighted average interest rate of 5.77 percent, secured by Phase One of The Shops at Friendly Center and The Renaissance Center. CBL will also acquire from The Starmount Co., a 100 percent interest in a portfoli...