CBL completes sale of Mayfaire Community Center

Chattanooga, Tenn. -- CBL & Associates Properties announced that it has completed the sale of Mayfaire Community Center for $56.3 million to Principal Real Estate Investors.



Mayfaire Community Center is the 210,000-sq.-ft. center located in Wilmington, North Carolina, which CBL acquired in June of 2015. CBL will be providing leasing and management services for the new owners.



“Year-to-date, CBL has completed the sale of more than $150 million of non-core and community center assets, applying proceeds to debt reduction and markedly improving our leverage position,” said Stephen D. Lebovitz, president and CEO for CBL. “We are pleased to have made significant headway on our asset sales since announcing the community center disposition program just a few months ago. The program allows us to access attractively priced equity from stabilized assets to continue our deleveraging progress.”