CBL & Associates Properties, Inc. (NYSE:CBL) announced today that it had
entered into a binding agreement for the sale of Mayfaire Community
Center, the 210,000-square-foot center located adjacent to CBL’s
Mayfaire Towne Center in Wilmington, NC. CBL acquired Mayfaire Towne
Center and Mayfaire Community Center in June of 2015. Mayfaire Community
Center will be sold to Principal Real Estate Investors for a cash
purchase price of $56.3 million. CBL will provide leasing and management
services for the new owners. The transaction is scheduled to close in
December 2015, subject to customary closing conditions.
Additionally, CBL and its JV partner closed on the sale of a 340-unit
Class A apartment complex in Austin, TX, located adjacent to a retail
property previously developed and sold by CBL. CBL held a participatory
ground lease position in the apartment complex and received $18.4
million in net proceeds.
“We are pleased to be able to execute on our outlined community center
and non-core disposition program, generating significant proceeds to
reduce leverage,” said Stephen D. Lebovitz, CBL’s president and chief
executive officer. “The sale of Mayfaire Community Center also allows us
to create immediate value while retaining the growth potential of
Mayfaire Towne Center and the benefits of the two centers’ synergy.”
“Mayfaire Community Center is an ideal fit for our client’s retail
strategies. It is the premier grocery anchored center in the Wilmington
market with best in class tenants such as Harris Teeter, Dick’s Sporting
Goods, Marshalls, Panera Bread, and Wells Fargo,” said Jim Halliwell,
Managing Director, Principal Real Estate Investors. “The “Mayfaire”
brand is very powerful in the market and the live, work, play atmosphere
of the Mayfaire mixed-use development provides exceptional demand
drivers and truly creates a “sense of place” for patrons. We look
forward to working with CBL on this asset.”
About Principal Real Estate Investors
Principal Real Estate Investors manages or sub-advises $60.3 billion in
commercial real estate assets1. The firm’s real estate
capabilities include both public and private equity and debt investment
alternatives. Principal Real Estate Investors is the dedicated real
estate group of Principal Global Investors, a diversified asset
management organization and a member of the Principal Financial Group®.
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 148 properties, including 91 regional malls/open-air centers.
The properties are located in 30 states and total 84.8 million square
feet including 7.1 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.
1 As of September 30, 2015.
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