Just two weeks after announcing the sale of the Monroeville, Pennsylvania Mall, CBL Properties, the company that owns Northpark Mall in Joplin, has announced the sale of another mall.
CBL Properties issued the following news release today:
CBL Properties (NYSE:CBL) today announced that it had closed on the sale of Imperial Valley Mall in El Centro, CA, for $38.1 million, all cash.The property served as collateral under CBL’s non-recourse term loan. Net proceeds from the sale were applied to the term loan principal balance, which after closing, was reduced to $680.3 million.
“We are pleased to complete the sale of Imperial Valley Mall, another demonstration of the demand for stable enclosed malls,” commented Stephen D. Lebovitz, CBL’s Chief Executive Officer. “This transaction puts us on course to meet the non-recourse term loan principal balance extension test in November 2025 without contributing further capital beyond required amortization. Our balance sheet has strengthened significantly through this and other recent transactions, reducing total debt and lengthening our maturity schedule.”
“We are pleased to complete the sale of Imperial Valley Mall, another demonstration of the demand for stable enclosed malls,” commented Stephen D. Lebovitz, CBL’s Chief Executive Officer. “This transaction puts us on course to meet the non-recourse term loan principal balance extension test in November 2025 without contributing further capital beyond required amortization. Our balance sheet has strengthened significantly through this and other recent transactions, reducing total debt and lengthening our maturity schedule.”
2 comments:
Please buy Northpark Mall in Joplin. We need it badly but the prices were so high (we had to close ours). Please.
It doesn’t matter who owns the mall, the prices will be the same. The market and inflation is what determines prices, not ownership.
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