CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it closed on the sale of College Square in Morristown, TN and Foothills Mall in Maryville, TN for $53.5 million, all cash. Proceeds from the sale were used to reduce outstanding balances on the Company’s lines of credit.
“The sale of these two malls successfully brings our portfolio transformation strategy, which we started in 2014, to a close, having executed on 20 transactions with a total value of nearly $800 million,” said Stephen Lebovitz, president & chief executive officer. “Through this program, we now have a portfolio of higher-quality, higher growth assets that are positioned to benefit from the ongoing retail evolution. We have used proceeds to fortify our balance sheet, improving flexibility and, along with our free cash flow, providing liquidity to fund our redevelopment opportunities and other capital improvements.”
(CBL & Associates owns Northpark Mall in Joplin.)