CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL & Associates Properties, Inc. (NYSE: CBL) today announced progress on its mall disposition program. CBL closed on the sale of a 75% interest in River Ridge in Lynchburg, VA, to Liberty University. CBL received net cash proceeds of $33.5 million for the interest in River Ridge. CBL retains a 25% ownership position in the asset and is responsible for leasing and management, earning customary fees.
“We are pleased to announce further progress on our mall disposition program with the sale of a majority interest in River Ridge and to enter into a new partnership with Liberty University, an institution that recognizes the excellent value of the property,” said Stephen Lebovitz, CBL’s President & CEO. “The sale marks another milestone achievement in our portfolio transformation strategy. We look forward to continuing this progress throughout the year.”
Lebovitz added, “The new partnership between CBL and Liberty University has a strong vision for the future of River Ridge. The former Sears location provides a great opportunity to elevate the entire center through redevelopment of underutilized space, bringing new in-demand retail, entertainment and restaurants to the market. We look forward to making an announcement when plans have been finalized.”
“River Ridge represents part of an intentional diversification of Liberty University’s investment portfolio. Liberty’s commercial real estate holdings have performed well in recent years,” said Liberty University President, Jerry Falwell. “Liberty University has an economic impact on the Lynchburg region of more than $1 billion annually and is committed to the success and economic vitality of the region. The university is pleased to help implement CBL’s exciting vision for the mall and to assist in bringing new and improved services to the region.”
About Liberty University
Liberty University, founded in 1971, is the largest private, nonprofit university in the nation, the largest university in Virginia, and the largest Christian university in the world. Located near the Blue Ridge Mountains on more than 7,000 acres in Lynchburg, Va., Liberty offers more than 500 unique programs of study from the certificate to the doctoral level. More than 200 programs are offered online. Liberty’s mission is to train Champions for Christ with the values, knowledge, and skills essential for impacting tomorrow’s world.
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 90 regional malls/open-air centers. The properties are located in 30 states and total 84.1 million square feet including 6.4 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.