CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL & Associates Properties, Inc. (NYSE:CBL) announced that it had closed on the sale of three Tier 3 enclosed malls for an aggregate sales price of $32.25 million to Hull Property Group. The portfolio includes Randolph Mall in Asheboro, NC; Regency Mall in Racine, WI; and Walnut Square in Dalton, GA. Net proceeds from the transaction were used to reduce outstanding balances on the Company’s lines of credit.
“With eight mall dispositions completed in 2016, this has been a transformative year for CBL,” said Stephen Lebovitz, president & CEO. “As we near the completion of this transformation, our portfolio and our company are stronger today than they have ever been. We look forward to continuing to demonstrate the benefits of our strategy in our results and growth as we move into the New 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 136 properties, including 84 regional malls/open-air centers. The properties are located in 31 states and total 79.4 million square feet including 7.1 million square feet of non-owned shopping centers managed for third parties.
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.