CBL Properties (NYSE: CBL) today announced that it had closed on the sale of Monroeville Mall and Annex in Monroeville, PA, for $34.0 million, all cash.
“The sale of Monroeville Mall is a great example of the resilient value of well-located real estate in a dynamic market,” commented Stephen D. Lebovitz, CBL’s Chief Executive Officer. “This transaction allows us to focus efforts on higher productivity properties, generates significant cash proceeds and further reduces leverage.”
Approximately $7.1 million of the net proceeds was utilized to reduce the outstanding principal of the Company’s outparcel and open-air center loan to $333.0 million, allowing for the release of a collateral parcel as part of the sale.
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 owned and managed portfolio is comprised of 89 properties totaling 56.2 million square feet across 21 states, including 54 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. 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.
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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Contacts
Investor Contact: Katie Reinsmidt, Executive Vice President & Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com
Media Contact: Stacey Keating, Vice President– Corporate Communications, 423.490.8361, Stacey.Keating@cblproperties.com
