CBL Properties (NYSE: CBL) today announced that it closed on the sale of Statesboro Crossing, a community center located in Statesboro, GA, for $21.5 million in cash. Proceeds from the sale were used to retire the $10.7 million loan secured by the property and to reduce outstanding balances on the Company’s lines of credit.
“We are pleased to close on the sale of Statesboro Crossing, providing an attractively priced source of equity to supplement our other sources of capital,” said Stephen Lebovitz, chief executive officer. “With this closing, we have completed more than $60 million in disposition activity this year. Proceeds from these transactions have contributed towards debt reduction and investments in redevelopment as we transform our core properties with new dynamic uses.”
Statesboro Crossing is located on an approximately 50-acre site at the southwest corner of Brannen Street Extension and Veteran’s Memorial Parkway. The center is anchored by T.J. Maxx, Hobby Lobby, Books-A-Million, Petco, Hibbett Sports and Rack Room Shoes. Statesboro Crossing was owned in a 50/50 joint venture. CBL received 100% of the proceeds from the transaction.
Statesboro Crossing was sold to a group of investors through New Orleans, LA, based Morrison Investment Group, LLC.
(Note: CBL Properties owns Northpark Mall in Joplin.)