Monday, May 01, 2017

Northpark Mall owner sells Oklahoma City property

(From CBL & Associates)

CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it, along with its joint venture partner Horizon Group Properties, closed on the sale of The Outlet Shoppes at Oklahoma City in Oklahoma City, OK, for a gross sales price of $130.0 million.

Approximately $70.1 million, including defeasance costs, in loans secured by the property were retired concurrent with the close. CBL’s share of net equity proceeds, after retirement of secured loans and closing costs, was $38.0 million. Net proceeds were used to reduce outstanding balances on the Company’s lines of credit.

“Our outlet center development program has created tremendous value for CBL and our shareholders,” said Stephen Lebovitz, president & chief executive officer. “The Outlet Shoppes at Oklahoma City was the first project we developed with Horizon and has been a huge success. We are pleased to demonstrate the value of our outlet portfolio and provide additional liquidity to reduce leverage and help fund our redevelopment program.”

CBL & Associates owns Northpark Mall in Joplin

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