Tuesday, July 07, 2015

Northpark Mall owners sell Alabama center

(From CBL & Associates)

CBL & Associates Properties, Inc. (NYSE:CBL) today announced that it closed on the disposition of Madison Plaza, a 154,000-square-foot community center in Huntsville, AL, for a total cash price of $5.7 million. Earlier in 2015, CBL sold the mall located adjacent to the center. These transactions are part of CBL’s strategy of upgrading its portfolio quality through dispositions of lower growth and non-core properties.

CBL also retired four loans totaling $322.7 million using availability under its lines of credit. The weighted average interest rate for the four loans was 5.0%. The loans were secured individually by CherryVale Mall in Rockford, IL, East Towne Mall in Madison, WI, West Towne Mall in Madison, WI, and Brookfield Square in Milwaukee, WI.

“We continue to strengthen CBL’s portfolio with the steady progress we are making on our disposition program as represented by the completed sale of Madison Plaza,” said Stephen Lebovitz, CBL’s President and CEO. “We are also adding additional high quality properties to our unencumbered pool through our financing activities.”

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