NORTH CAROLINA AND VIRGINIA — New York-based Savills Granite has represented Greensboro, N.C.-based The Starmount Company in the sale of a retail and office portfolio to the joint venture of CBL & Associates Properties and the Teachers’ Retirement System of the State of Illinois for $356.6 million. CBL also acquired a portfolio of eight community centers and a 12-office building portfolio from Starmount, bringing the total value of Starmount’s sales to $540.8 million. Included in the transaction are: Friendly Center, a 1-million-square-foot property located in Greensboro, N.C., that plans to add 20,000 square feet by spring 2008; The Shops at Friendly Center, a 253,000-square-foot property that plans to add 62,500 square feet by summer 2008; Green Valley Office Park, a six-building portfolio in Greensboro; eight community centers located in Greensboro and High Point, N.C.; a 12-building office portfolio located in Greensboro and Raleigh, N.C., Newport News and Chesapeake, Va.; and the Renaissance Center, a 355,000-square-foot shopping center located in Durham, N.C.
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