Layton Hills Mall has been sold to Tennessee-based CBL & Associates Properties Inc. for $121.4 million, CBL announced Monday.
CBL bought the mall from affiliates of Gregory Greenfield & Associates, an Atlanta-based developer. Greenfield, as a partner and adviser in a group of investors operating under the name Layton Hills Partners, acquired the mall in February 2003.
CBL funded the acquisition through its lines of credit.
"Layton Hills Mall is well-positioned to benefit from strong area housing growth with over 1,500 new homes planned within a two-mile radius of the property," Stephen Lebovitz, president of CBL & Associates Properties, said in a prepared statement. "The regional mall holds the dominant position within the Davis County area and enjoys a built-in consumer supply from a 150-room Hilton Garden Inn and recently opened 50,000-square-foot convention center located adjacent to the mall.
"Layton Hills Mall has a great deal of growth potential, and we believe we can heighten the shopping experience for Layton Hills' shoppers through new development, leasing and specialty leasing opportunities."
CBL spokeswoman Deborah Gibb did not elaborate on what those new opportunities might entail, or if there are already deals in the works.
"We're excited about the acquisition, but it would be remiss to talk about anything (regarding growth or development plans) at this point," Gibb said. "I can say that this mall is similar to other malls we have in our portfolio, in that it is a dominant mall in its area. It has a strong anchor lineup, and solid sales, and CBL will continue to build on that tradition.
"We have built a reputation for mall leasing, marketing and management, and we will look for growth opportunities when it comes to that, and will use the strong relationships we have with national, regional and local retailers to enhance the property."
For now, Gibb said no big changes are planned for Layton Hills. Staffing and mall management will remain constant, she said.
Including Layton Hills, CBL owns, holds interests in or manages 125 properties in 25 states, including 75 regional malls/open-air centers. The Layton Hills acquisition marks the company's entree to the Utah market.
Gibbs declined to speculate whether CBL is looking to buy other properties in Utah.
However, she said, "We are one of the largest and most experienced owners of malls in the country, and we continue to look at opportunities throughout the West."
Regionally, CBL owns the Frontier Mall and Frontier Square shopping centers in Cheyenne, Wyo.; the Twin Peaks mall in Longmont, Colo.; and the Imperial Valley mall in El Centro, Calif.