CBL Properties (OTCMKTS:CBLAQ) today announced that it closed on two strategic asset sales generating gross proceeds of approximately $13.75 million.
The Company has closed the sale of the former Sears building at Harford Mall in Bel Air, Maryland to SJC Ventures, generating $5.0 million of gross proceeds. SJC Ventures plans to utilize the land for a future grocery-anchored redevelopment.
“The redevelopment of Harford Mall’s former Sears building by SJC Ventures will attract considerable new traffic and activity to Harford Mall, positioning the property for an even greater transformation,” said Stephen Lebovitz, chief executive officer, CBL Properties. “Harford Mall enjoys a prime location with strong demographics and represents a tremendous opportunity to attract new uses and create additional value.”
CBL also closed on the sale of its 64 residential units at Pearland Town Center in Pearland, Texas, generating gross proceeds of $8.75 million to an institutional buyer. The units were developed as part of the original mixed-use project, which opened in 2008. The transaction takes advantage of the favorable demand for multi-family assets and is an attractive monetization of CBL’s investment.
Lebovitz added, “Year-to-date we have completed over $35 million in asset sales, which demonstrates the considerable value embedded in our portfolio. These sales supplement our strong cash position and provides capital for profitable future growth opportunities.”
About SJC Ventures
Founded in 2007, SJC Ventures, formerly S.J. Collins Enterprises, is a privately held, mixed-use commercial real estate and retail development firm. The company has acquired and developed more than 60 retail, mixed-use, multifamily and office projects throughout the continental U.S. The company is headquartered in Georgia. For more information, visit www.sjcventures.com.
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 105 properties totaling 63.9 million square feet across 24 states, including 63 high-quality enclosed, outlet and open-air retail centers and six properties managed for third parties. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.
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Contacts
Investor Contact: Katie Reinsmidt, EVP & Chief Investment Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com
Media Contact: Stacey Keating, Vice President - Corporate Communications, 423.490.8361, Stacey.Keating@cblproperties.com
