CBL & Associates Properties, Inc. (NYSE:CBL) announced today that it had completed the sale of Mayfaire Community Center for $56.3 million to Principal Real Estate Investors. Mayfaire Community Center is the 210,000-square-foot center located adjacent to CBL’s Mayfaire Towne Center in Wilmington, NC, which CBL acquired in June of 2015. CBL is providing leasing and management services for the new owners.
“Year-to-date, CBL has completed the sale of more than $150 million of non-core and community center assets, applying proceeds to debt reduction and markedly improving our leverage position,” said Stephen D. Lebovitz, CBL’s president and chief executive officer. “We are pleased to have made significant headway on our asset sales since announcing the community center disposition program just a few months ago. The program allows us to access attractively priced equity from stabilized assets to continue our deleveraging progress.”
CBL & Associates owns Northpark Mall in Joplin.