CBL completes sale of majority interest in North Carolina property

Chattanooga, Tenn. -- CBL & Associates Properties announced that it closed on a new 10/90 joint venture for Triangle Town Center and Commons in Raleigh, North Carolina, with DRA Advisors. The new joint venture acquired the property from the existing 50/50 joint venture between CBL and The Richard E. Jacobs Group for a total consideration of $174.0 million, including assumption of a $171.1 million loan secured by the property. CBL now holds a 10% ownership position in the asset and is responsible for leasing and managing, earning customary fees.



“We are pleased to enter into this new joint venture with a high-quality institutional investor,” said Stephen Lebovitz, CBL’s president & CEO. “With North Carolina’s only Sak’s Fifth Avenue and an excellent offering of retail, dining and entertainment, Triangle Town Center is well-positioned in the market. Along with our new partners, we are excited about executing on the center’s strong growth opportunities and elevating its position in the market. Additionally, the restructure of the existing loan provides the venture with favorable borrowing terms and the flexibility to move forward and unlock the center’s potential.”