CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it closed on the sale of Bonita Lakes Mall and Bonita Lakes Crossing in Meridian, MS for $27.91 million to RockStep Capital. Proceeds from the transaction will be used to reduce outstanding balances on CBL’s lines of credit.
“With the completion of our third mall sale this year, we are pleased to demonstrate additional progress on our portfolio transformation,” said Stephen Lebovitz, CBL’s President & CEO. “The sale of Bonita Lakes improves our overall portfolio quality and provides equity proceeds to reduce leverage and enhance our liquidity position. We have completed more than $386 million in dispositions year-to-date and look forward to making additional announcements throughout the year.”
About CBL & Associates Properties, Inc.
Headquartered in Chattanooga, TN, CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 145 properties, including 91 regional malls/open-air centers. The properties are located in 31 states and total 84.9 million square feet including 8.0 million square feet of non-owned shopping centers managed for third parties. Additional information can be found at cblproperties.com.
Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included therein, for a discussion of such risks and uncertainties.