(From CBL Properties)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.
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.
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