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CBL completes two dispositions for $151.5 million


Chattanooga, Tenn. -- CBL & Associates Properties announced that it has completed $151.5 million ($86.9 million at CBL's share) in dispositions in two separate transactions.

CBL and its 50/50 joint venture partner sold the Renaissance Center, a 363,000 sq. ft., community shopping center located in Durham, North Carolina.

Renaissance Center was sold for a gross sales price of $129.2 million, including assumption of a $16.0 million loan and a $31.6 million loan that was retired at closing. The transaction generated net equity to CBL of $40.8 million.

In a separate transaction, CBL sold The Crossings at Marshalls Creek, an 86,000 sq. ft., community center located in Middle Smithfield, Pennsylvania, for a net sales price of $22.3 million. Net proceeds from the dispositions were used to reduce outstanding balances on the company's lines of credit.

"These transactions generated more than $60 million in attractively priced equity to CBL," said Stephen D. Lebovitz, CBL's president and CEO. "Since January 2015, we have applied net equity from dispositions of $190 million to reduce debt and have removed from our balance sheet an additional $106 million in secured debt assumed by buyers or retired. These actions have significantly strengthened our liquidity position, and we look forward to making additional progress on this strategy going forward."

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