CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it closed on the sale of Fashion Square Mall in Saginaw, MI, and The Lakes in Muskegon, MI. The malls were sold to a private buyer for an aggregate price of $66.5 million, including the assumption of a $38.2 million loan secured by Fashion Square. Net proceeds from the sale were used to reduce outstanding balances on the Company’s lines of credit.
“This disposition marks another milestone achievement for CBL, having now completed transactions on 11 lower-productivity regional malls since introducing our portfolio transformation strategy in April 2014,” said Stephen D. Lebovitz, president & CEO.
“Over the past two years, we have completed more than $765 million in transactions, including approximately $460 million from regional malls and more than $305 million from selling community centers and other non-core assets. Today, CBL operates with a higher-quality, higher-growth portfolio and a markedly improved balance sheet. We look forward to continuing the momentum as we make further progress in our transformation strategy.”
CBL & Associates owns Northpark Mall in Joplin.