The largest shopping center in southern Mississippi has a new owner.
CBL Properties announced on Monday that he sold the driveway in d’Iberville.
The news message did not reveal who bought the shopping mall and there are no indications of a new website or Facebook page.
The purchase price was $ 83.1 million.
With headquarters in Chattanuga, Tennessee, CBL Properties opened the alley in 2009, bringing many stores in southern Mississippi four years after the Katrina hurricane closed many favorite shopping options.
Attached to the first target in southern Mississippi, the “entertainment center” of 621,000 square meters is a mix of shops such as Dick, Kohl’s, Best Buy, Petsmart and Old Navy and restaurants such as Buffalo Wild Wings and Olive Garden.
With the finalization of the sale, a new tenant can be provided for the former Red Lobster restaurant among the national chains of restaurants, which have shown interest through the planning and development department of the city.
The outcome, which houses the red lobsters and some of the other restaurants, had to be legally reproduced, said D’Iberville Manager Bobby Weaver. It is not known whether these parcels are part of the new property.
The Red Omar in D’Ibeville on Monday, May 13, 2024, after the restaurant was closed. With the full sale of the alley, a new restaurant can fill the space.
“The alley was completed with an attractive 8.5% restriction, which provides a significant demonstration of the huge value of an outdoor portfolio of CBL, which remained unrecognized by the market,” said a statement by Stephen Lebovitz, CEO of CBL.
CBL owns and manages 87 properties in 20 states, including malls, outdoor exit centers and centers.
The D’Iberville alley, which has many of the main shops and restaurants in the country, has just been sold.
The alley grows d’Aberville in the retail power plant after the Hurricane Katrina and brought traffic, new roads, several new car dealerships and more development to the city, which now has the third highest income from sales tax in southern Mississipi after Gulfport and Bilxy.
The mayor of D’Berville Rusty Quave, to the right, smiles as he rewrites the revolution of the Walk in D’Aberville on July 15, 2008. He is joined by Jeff Smith, Vice President of Voi for CBs, Left. Now 17 years later, the mall has been sold.
The main one for Promenade came in July 2008, after CBL & Associates Properties and Forum Development Group from Atlanta acquired 72 acres northwest of the inter -state 10 and 110 intersections.
“We believe that the alley will serve to revive the area and create such a necessary Center for Retail and Service Region for the D’Aberville Community Community,” says Stephen Lebovitz, President of CBL & Associates Properties.
The estimates were for 1,000 jobs and over $ 185 million annual retail sales.
Construction continues at the goal of the d’Iberville alley in this photo of the file. The shopping center opened in 2009 and was sold.
Tenants have not yet been identified by time, but Jeffrey Smith, Vice President of CBL & Associates Properties, and he said the community “would not be disappointed.
The developers and the city of D’IBebevil began to build a five -lane road to connect the alley with shopping centers on Sangani Boulevard.
But traffic increased much faster than roads could handle it, and traffic was clogged every weekend and rest.
D’Iberville extended over $ 18 million in taxation of tax or bond TIF for the trial. They were paid with tax revenue generated by the project to help the developer pay for infrastructure and new roads, including Promenade Parkway, which is winding through the mall.
The Ministry of Mississippi’s Transport has spent about $ 120 million to add new starting and entry ramps from the interstate, and Mayor Rusty Quav said that Mdot wants the city to chip for $ 30 million to improve D’Iberville roads.
Traffic was relieved when the new exits were built, the Flight Bridge, completed in 2013, connects the Sangani shopping mall, and the discrepanable diamond intersection, completed in 2015, gave a second entrance to the mall.
The city had Walmart and the shops along the Sangani, who were a retail growth catalyst after Katrina, and Weaver said the alley “put us in a great position of economic vitality.” The city receives a tax deviation from the state over $ 10.5 million each year for the last three or four years.
The opening of the alley in 2009 came as the country was in a recession, but does not seem to limit sales in stores and restaurants.
Until 2010, the first Black Friday for the new Kohl store in Promenade, 3 in the morning, before most other stores are paid large, long box lines. People camp all night outside the best purchase in the alley, and the lines wrapped around the Target building before the doors opened at 4 o’clock in the morning
In 2011, the cracks began to appear on the floors of some stores in the alley and in large spots of a black countertop with parking.
Several measuring devices were attached to the back wall of the sports goods of the building, accommodating Dick at the Promenade Mall in D’Aberville, after arrangement problems were found in 2011.
CBL declined to comment, but then D’Iberville manager Michael Janus said the company was very forthcoming with the city officials about the problem they had not caused.
“There is rumor that the alley is sinking and there is no truth about it,” he said. “That’s exactly the opposite. It’s rising.”
The problems have been found to be the result that a company in Louisiana providing a filling material that made the soil rise and the plates to crack. Laws have been filed for collecting some of the damage.
Construction continued from the east side of the alley to add furniture to Ashley’s home, Burlington and other stores.
“The trial seems to remain full of tenants and if someone gets out, he has closed someone,” Weaver said.
