Thursday, September 01, 2016

Northpark Mall owners sell Pennsylvania mall

(From CBL & Associates)

CBL & Associates Properties, Inc. (NYSE: CBL) and affiliates of High Real Estate Group LLC, its 50/50 partner, today announced that it closed on the assignment of 100% of the partnership ownership interest in High Pointe Commons in Harrisburg, PA to Unison Realty Partners. 

High Pointe Commons is a 355,000-square-foot community center anchored by Target and JCPenney. The partnership received total consideration of $33.8 million. Proceeds from the transaction were used to retire existing secured loans aggregating $17.4 million with CBL’s share of net proceeds used to reduce outstanding balances on the Company’s lines of credit.

“This transaction is the latest example of our ability to raise attractively priced capital through dispositions of high-quality community centers,” said Stephen D. Lebovitz, president & CEO. “The excess proceeds from these asset sales furthers our progress reducing leverage, improving our credit metrics and strengthening our balance sheet.”

CBL & Associates owns Northpark Mall in Joplin.

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