CBL & Associates Properties, Inc. (NYSE:CBL) today announced that it
closed on the sale of Eastgate Crossing, a 175,000-square-foot community
center located in Cincinnati, OH. The gross sales price of $22.8 million
includes $1.7 million of future earn-out payments and the assumption of
a $14.6 million loan secured by the property. The center was acquired by
a joint venture of Inland Real Estate Corporation.
“We are pleased to close on the sale of Eastgate Crossing, marking
another step forward in our disposition program,” said Stephen Lebovitz,
CBL’s President & CEO.
Margaret Caldwell of Jones Lang LaSalle represented CBL in the
transaction.
About CBL & Associates Properties, Inc.
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 147 properties, including 89 regional malls/open-air centers.
The properties are located in 30 states and total 83.4 million square
feet including 6.5 million square feet of non-owned shopping centers
managed for third parties. Headquartered in Chattanooga, TN, CBL has
regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St.
Louis, MO. 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.
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