CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE: CBL) today announced that it closed on the sale of Janesville Mall in Janesville, WI, for $18.0 million in cash to RockStep Capital. Proceeds from the sale were used to reduce outstanding balances on the Company’s lines of credit.
“We are pleased to complete the sale of Janesville Mall,” said Stephen Lebovitz, chief executive officer. “Selectively disposing of assets like this that no longer fit our strategy allows us to improve the quality of our overall portfolio and focus our redevelopment capital on growth assets. Proceeds from the sale also provide a source to supplement our significant free cash flow and fund these redevelopments and other capital improvements as well as debt reduction.”
Janesville Mall is a 600,000-square-foot Tier 3 mall (2017 sales of $243 psf) located in Janesville, WI. It is anchored by Boston Store (closing in August), Dick’s Sporting Goods, Kohl’s and Sears, along with a selection of shops and eateries.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s portfolio is comprised of 117 properties totaling 72.8 million square feet across 26 states, including 74 high-quality enclosed, outlet and open-air retail centers and 11 properties managed for third parties. CBL continuously strengthens its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit 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.