CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it closed on the sale of Fashion Square Mall in Saginaw, MI, and The Lakes in Muskegon, MI. The malls were sold to a private buyer for an aggregate price of $66.5 million, including the assumption of a $38.2 million loan secured by Fashion Square. Net proceeds from the sale were used to reduce outstanding balances on the Company’s lines of credit.
“This disposition marks another milestone achievement for CBL, having now completed transactions on 11 lower-productivity regional malls since introducing our portfolio transformation strategy in April 2014,” said Stephen D. Lebovitz, president & CEO. “Over the past two years, we have completed more than $765 million in transactions, including approximately $460 million from regional malls and more than $305 million from selling community centers and other non-core assets. Today, CBL operates with a higher-quality, higher-growth portfolio and a markedly improved balance sheet. We look forward to continuing the momentum as we make further progress in our transformation strategy.”
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 89 regional malls/open-air centers. The properties are located in 31 states and total 82.9 million square feet including 8.6 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.