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Last Updated ( Tuesday, 03 September 2013 15:28 )
DATE_FORMAT_LC2=Tuesday,September 03 2013 12:00:00 am EDT   
CBL & Associates Sells Three Malls for $176 Million

GeorgiaSquareNLChattanooga, Tenn. — CBL & Associates Properties Inc. (NYSE: CBL), a Chattanooga, Tenn.-based shopping center owner and developer, has sold three malls and related associated centers in a deal worth $176 million in cash. An offshore investor purchased the properties with an Atlanta-based partner, Hendon Properties, which will also oversee management and leasing at the malls. The properties include Georgia Square Mall and Georgia Square Plaza in Athens, Ga.; Panama City Mall and The Shoppes at Panama City in Panama City, Fla.; and Rivergate Mall and Village at Rivergate in Nashville.

"We are pleased to complete the disposition of these assets, generating substantial equity and demonstrating our continued ability to effectively execute our capital plan," says Stephen Lebovitz, president and CEO of CBL.

Lebovitz says when combined with the $209 million in at-the-market proceeds generated through mid-year, as well as $44 million from the sale of office buildings completed earlier this year, CBL has raised more than $425 million in equity year-to-date. "This deliberate approach has allowed us to significantly reduce debt while minimizing dilution and strengthening our core portfolio."

Margaret Caldwell and Kris Cooper with Jones Lang LaSalle Retail Investment Sales represented CBL in the transaction.

Net proceeds from the disposition were used to reduce outstanding balances on the company's unsecured lines of credit. The company anticipates a net impact of approximately 2 cents per share to 2013 funds from operations from the sale of the properties. CBL owns, holds interests in or manages 154 properties, including 93 regional malls/open-air centers. The properties are located in 31 states and total 89.3 million square feet, including 9.3 million square feet of non-owned shopping centers managed for third parties.

 

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