CBL & Associates Properties, Inc. (NYSE:CBL) today announced that it closed on the sale of Eastgate Crossing, a 175,000-square-foot community center located in Cincinnati, OH. The gross sales price of $22.8 million includes $1.7 million of future earn-out payments and the assumption of a $14.6 million loan secured by the property. The center was acquired by a joint venture of Inland Real Estate Corporation.
“We are pleased to close on the sale of Eastgate Crossing, marking another step forward in our disposition program,” said Stephen Lebovitz, CBL’s President & CEO.
Margaret Caldwell of Jones Lang LaSalle represented CBL in the transaction.
(Whether Northpark Mall in Joplin is part of CBL's disposition program has never been specified.)
With the TIF structure in place...a good selling opportunity....would add millions to the purchase price...although not yet collecting the tax apparently...
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