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CBL & Associates Properties, Inc. (CBL – Snapshot Report) recently announced that it has signed an agreement to acquire Northgate Mall in Chattanooga, TN, for $11.5 million. The transaction is expected to close by October, 6 2011.

Northgate Mall is an 823,000-square-foot regional mall located in CBL’s hometown of Chattanooga. The mall is strategically located with easy accessibility and greater visibility and is currently 91.0% leased. Following the closure of this transaction, CBL plans to reinvigorate the property through redevelopments, which may include the addition of junior anchor stores and restaurants.

This transaction is expected to enhance the company’s position in its hometown, Chattanooga. The company is undertaking various initiatives to make the property best positioned to meet the growing retail demand. Chattanooga has been experiencing tremendous growth with several major new employers entering this area.

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