CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL & Associates Properties, Inc. (NYSE: CBL) and affiliates of High Real Estate Group LLC, its 50/50 partner, today announced that it closed on the assignment of 100% of the partnership ownership interest in High Pointe Commons in Harrisburg, PA to Unison Realty Partners. High Pointe Commons is a 355,000-square-foot community center anchored by Target and JCPenney. The partnership received total consideration of $33.8 million. Proceeds from the transaction were used to retire existing secured loans aggregating $17.4 million with CBL’s share of net proceeds used to reduce outstanding balances on the Company’s lines of credit.
“This transaction is the latest example of our ability to raise attractively priced capital through dispositions of high-quality community centers,” said Stephen D. Lebovitz, president & CEO. “The excess proceeds from these asset sales furthers our progress reducing leverage, improving our credit metrics and strengthening our balance sheet.”
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 144 properties, including 89 regional malls/open-air centers. The properties are located in 31 states and total 82.6 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.