CBL & Associates isn't wasting time reinvesting proceeds from the $387 million it's making from its venture with Galileo America REIT, the U.S. affiliate of Australia's Galileo America Shopping Trust. CBL paid $225 million for Volusia Mall in Daytona Beach, Fla., and Honey Creek Mall in Terre Haute, Ind. The seller is a group of partnerships represented by Faison & Associates. The 7.76 percent blended cap rate is lower than CBL usually pays, but the REIT believes the malls' high sales and dominant market positions justify it. The 1 million-square-foot Volusia Mall, 89.4 percent occupied, is anchored by Burdines-Macy's, Dillard's, JCPenney and Sears. Annual sales are $368 a square foot. The 680,000-square-foot Honey Creek is 88.4 percent occupied and anchored by Elder-Beerman, LS Ayres, JCPenney and Sears. Sales are $335 a square foot. CBL's portfolio average is $300. Citigroup Smith Barney estimates CBL will buy another $150 million worth of retail properties in 2004.