(From CBL Properties)CBL Properties (NYSE:CBL) today announced two significant transactions that advance the company’s strategic focus on accretively growing its mall portfolio and increasing cash flow through capital recycling. (Note: CBL Properties owns Northpark Mall in Joplin.)
CBL has completed the acquisition of Gateway Mall, a market-dominant enclosed shopping center located in Lincoln, Nebraska, for a purchase price of $43.5 million from Washington Prime Group (WPG). The acquisition of Gateway Mall was financed through a $21.0 million non‑recourse, five‑year loan provided by Symetra Life Insurance Company. The loan carries a fixed interest rate of 6.46%.
In a separate transaction, CBL has entered into a firm contract for the sale of an open‑air center at an approximately 8% capitalization rate. The transaction is expected to generate net proceeds after debt repayment of $25 million, with an anticipated close in April.
“Gateway Mall is a high‑performing, well‑located asset in a dynamic and growing market,” said Stephen D. Lebovitz, CEO of CBL Properties. “This acquisition was accomplished at attractive pricing and aligns with our strategy to pursue high-yield enclosed mall opportunities where our operating expertise and capital discipline can drive long‑term value. In addition, the pending sale of another open-air center at an attractive cap rate demonstrates our ongoing progress in recycling capital from stabilized assets into new investments that are accretive to our cash flow yield and support our long‑term growth. We look forward to enhancing the customer experience and strengthening the property’s position as a dominant retail destination for Lincoln and the broader region. Gateway Mall is a natural addition to our portfolio and complements our purchase last year of four market dominant malls, also from WPG.”
About Gateway Mall
Gateway Mall is the dominant enclosed regional shopping center located in Lincoln, Nebraska, serving a trade area of more than 1.3 million residents. The property encompasses approximately 843,000 square feet and features strong small‑shop occupancy of more than 95%. As the only enclosed mall in the region, Gateway Mall benefits from its prime location just three miles from the University of Nebraska - Lincoln and its proximity to major governmental, educational, healthcare, and technology employers.
The center is anchored by a diverse lineup of national retailers, including Dillard’s, JCPenney, Dick’s Sporting Goods, Round 1, H&M, ULTA, Ross Dress for Less, Sierra, Tesla, and Total Wine & More as well as more than 215,000-square-feet of shops and restaurants. With a longstanding position as Lincoln’s primary enclosed retail destination, Gateway Mall plays a critical role in the region’s shopping, dining, and entertainment landscape.
No comments:
Post a Comment