CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE: CBL) today announced that it closed on the sale of Statesboro Crossing, a community center located in Statesboro, GA, for $21.5 million in cash. Proceeds from the sale were used to retire the $10.7 million loan secured by the property and to reduce outstanding balances on the Company’s lines of credit.
“We are pleased to close on the sale of Statesboro Crossing, providing an attractively priced source of equity to supplement our other sources of capital,” said Stephen Lebovitz, chief executive officer. “With this closing, we have completed more than $60 million in disposition activity this year. Proceeds from these transactions have contributed towards debt reduction and investments in redevelopment as we transform our core properties with new dynamic uses.”
Statesboro Crossing is located on an approximately 50-acre site at the southwest corner of Brannen Street Extension and Veteran’s Memorial Parkway. The center is anchored by T.J. Maxx, Hobby Lobby, Books-A-Million, Petco, Hibbett Sports and Rack Room Shoes. Statesboro Crossing was owned in a 50/50 joint venture. CBL received 100% of the proceeds from the transaction.
Statesboro Crossing was sold to a group of investors through New Orleans, LA, based Morrison Investment Group, LLC.
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 116 properties totaling 72.6 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.