CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL & Associates Properties, Inc. (NYSE:CBL) today announced that it closed on the disposition of Madison Plaza, a 154,000-square-foot community center in Huntsville, AL, for a total cash price of $5.7 million. Earlier in 2015, CBL sold the mall located adjacent to the center. These transactions are part of CBL’s strategy of upgrading its portfolio quality through dispositions of lower growth and non-core properties.
CBL also retired four loans totaling $322.7 million using availability under its lines of credit. The weighted average interest rate for the four loans was 5.0%. The loans were secured individually by CherryVale Mall in Rockford, IL, East Towne Mall in Madison, WI, West Towne Mall in Madison, WI, and Brookfield Square in Milwaukee, WI.
“We continue to strengthen CBL’s portfolio with the steady progress we are making on our disposition program as represented by the completed sale of Madison Plaza,” said Stephen Lebovitz, CBL’s President and CEO. “We are also adding additional high quality properties to our unencumbered pool through our financing activities.”
About CBL & Associates Properties, Inc.
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 146 properties, including 89 regional malls/open-air centers. The properties are located in 30 states and total 83.3 million square feet including 6.5 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. 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.