Florida firm buys Layton mall, has renovation, expansion plans

The nearly 45-year-old Layton Hill Mall has been sold to a Florida company for a reported
$37.125 million. The new owner has plans to renovate the property and add retail and
entertainment options.

Brice Wallace 

A Florida-based investment firm has acquired the Layton Hills Mall and plans renovations and additions to its retail and entertainment options.

Second Horizon Capital, based in Boca Raton, acquired the mall from CBL Properties, based in Chattanooga, Tennessee. CBL, which purchased the mall in 2005, pegged the sale price at $37.125 million in cash.

“Second Horizon Capital is excited to continue the expansion of our portfolio with the addition of Layton Hills Mall, a robust center with strong operations, surrounded by a vibrant community,” said Howard Levine, co-founder and managing partner of Second Horizon Capital.

“As we navigate the ownership transition, we look forward to working directly with tenants, customers and neighboring communities. Through partnership and collaboration, we will enhance the center’s infrastructure, expand retail and entertainment offerings at the property, and strengthen Layton Hills Mall’s position as an anchor of the community.”

Opened in 1980, the 597,262-square-foot Layton Hills Mall is anchored by Dillard’s, JCPenney, Dick’s Sporting Goods and Cinemark and includes more than 100 specialty shops. The acquisition is Second Horizon’s fifth since the company’s founding in 2021. The company also owns Stony Point Fashion Park in Richmond, Virginia; Park Plaza in Little Rock, Arkansas; Kingston Collection in Kingston, Massachusetts; and the Chicago Ridge Mall in Illinois.

“Layton Hills Mall is a central destination and presents a tremendous opportunity for our company’s ongoing growth,” said Camilo Varela, co-founder and managing partner of Second Horizon Capital. “We are excited to invest in the long-term future of the center and support the ongoing addition of enhanced retail and entertainment offerings. We believe Layton Hills Mall has the potential to create meaningful experiences for shoppers while positively impacting the broader community for years to come.”

The company said its enhancement investment will include center infrastructure and operational improvements “to provide new opportunities for neighbors of all ages to shop, dine and gather.”

The acquisition “was built on the strength of the community’s long-term demographic growth, consistent and robust tenant performance, and its strong position as a community amenity,” the company said.

Second Horizon Capital will have commercial real estate firm CBRE handle property management and leasing services at the mall.

CBL said the mall property served as collateral under its non-recourse term loan. Net proceeds from the sale were applied to the term loan principal balance, which, after closing, was reduced to $749.8 million.

“We are pleased to complete the sale of Layton Hills Mall, which is a terrific example of the strength of stable enclosed mall assets in dynamic markets,” said Stephen D. Lebovitz, CBL’s CEO. “Importantly, we were able to utilize existing value within the term loan pool to help meet the term loan principal balance extension test in November 2025. We look forward to announcing additional future transactions to strengthen our balance sheet through reducing debt and lengthening our maturity schedule.”

CBL owns and manages 93 properties totaling 57.8 million square feet across 22 states, including 55 enclosed malls, outlet centers and lifestyle retail centers and more than 30 open-air centers and other assets.