CBL sells two Tennessee malls, culminates portfolio initiative
CBL continued to reduce its credit position with the disposition of mall assets this week and announced the dawning of a new day for the company.
The mall owner and developer closed on the sale of two Tennessee properties for a total of $53.5 million — Foothills Mall in Maryville and College Square in Morristown. Proceeds of the sales, CBL reported, were used to reduce outstanding balances on its lines of credit.
“The sale of these two malls successfully brings our portfolio transformation strategy, which we started in 2014, to a close, having executed on 20 transactions with a total value of nearly $800 million,” said Stephen Lebovitz, president & CEO.
Earlier this month, CBL sold The Outlet Shoppes at Oklahoma City to The Outlet Resource Group and put net proceeds of $38 million toward credit reduction.
Lebovitz said the completed initiative leaves CBL with a portfolio of higher-quality assets with greater growth potential to “benefit from the ongoing retail evolution.”
The Chattanooga-based company is one of the nation’s most active mall owners and developers. It holds interests in or manages 124 properties in 27 states, including 81 regional malls and open-air centers.
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