Wednesday, May 18, 2016
Northpark Mall owner sells Mississippi mall properties
CBL & Associates Properties today announced that it closed on the sale of Bonita Lakes Mall and Bonita Lakes Crossing in Meridian, Mississippi for $27.91 million to RockStep Capital. Proceeds from the transaction will be used to to reduce outstanding balances on on CBL's lines of credit.
"With the completion of our third mall sale this year, we are pleased to demonstrate additional progress on our portfolio transformation," said Stephen Lebowitz, CBL's president and CEO. "The sale of Bonita Lakes improves our overall portfolio quality and provides equity proceeds to reduce leverage and enhance our liquidity position. We have completed more than $386 million in dispositions year-to-date and look forward to making additional announcements throughout the year."
CBL & Associates owns Northpark Mall in Joplin.