WILMINGTON, NC (WWAY) — A popular Wilmington shopping center has a new owner.
The Mayfaire Town Center and Mayfaire Community Center have been acquired by CBL & Associates Properties, Inc., a publicly-traded real estate investment trust (REIT) based in Chattanooga, TN, for $192 million, according to a news release.
The sale, which closed today, is not expected to result in immediate changes that will be noticed by consumers. However, Hyman Brody, CEO of BrodyCo, Inc., who co-manages, along with Jeff Zimmer, the investor group that developed Mayfaire, said that CBL is a well-known operator of upscale town centers and properties, and has the experience, contacts and capital to take Mayfaire to a new level.
“We are excited to add Mayfaire Town Center to the CBL portfolio,” Stephen D. Lebovitz, CBL’s president and CEO, said in the release. “With our strong network of retail relationships, we see numerous opportunities to elevate this experience even further, delivering more of the premier brands and restaurants that residents and tourists have come to expect from the center. ”
Brody says the 400-acre Mayfaire, which was once a horse farm has completed all but one phase of development.
“As successful as Mayfaire has been, we think it would benefit from fresh thinking and new ownership to take it to the next level,” Brody said in a statement. “CBL was the right buyer at the right time. We believe the future of Mayfaire is bright.”
CBL is one of the largest shopping mall real estate investment trusts in the country, with more than 140 properties, including 90 malls and open-air centers, including Cross Creek Mall in Fayetteville, Cary Towne Center and Triangle Town Center in Raleigh.