CBL & Associates Properties, Inc. (NYSE:CBL) today announced that it
closed on the disposition of Madison Plaza, a 154,000-square-foot
community center in Huntsville, AL, for a total cash price of
$5.7 million. Earlier in 2015, CBL sold the mall located adjacent to the
center. These transactions are part of CBL’s strategy of upgrading its
portfolio quality through dispositions of lower growth and non-core
properties.
CBL also retired four loans totaling $322.7 million using availability
under its lines of credit. The weighted average interest rate for the
four loans was 5.0%. The loans were secured individually by CherryVale
Mall in Rockford, IL, East Towne Mall in Madison, WI, West Towne Mall in
Madison, WI, and Brookfield Square in Milwaukee, WI.
“We continue to strengthen CBL’s portfolio with the steady progress we
are making on our disposition program as represented by the completed
sale of Madison Plaza,” said Stephen Lebovitz, CBL’s President and CEO.
“We are also adding additional high quality properties to our
unencumbered pool through our financing activities.”
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 146 properties, including 89 regional malls/open-air centers.
The properties are located in 30 states and total 83.3 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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