(From CBL Properties)
Note: CBL Properties owns Northpark Mall in Joplin.)
CBL Properties (NYSE:CBL) today announced that it had closed on the sale of The Promenade, a 621,000-square-foot open-air center located in D’Iberville, MS, for $83.1 million.“The Promenade disposition was completed at an attractive 8.5% cap rate, providing a meaningful demonstration of the tremendous value of CBL’s open-air portfolio, which has gone unrecognized by the market,” commented Stephen D. Lebovitz, CBL’s Chief Executive Officer.
“The sale generates significant cash proceeds that we intend to put to work at higher cash yields as part of our portfolio optimization strategy. This strategy allows us to harvest undervalued assets in our portfolio and reinvest the cash to grow NOI, FFO and cash flow.
"We have identified additional opportunities to implement this strategy where we can monetize non-core assets at attractive values and generate capital for higher yield investments. Our goals are to strengthen our portfolio, leverage our operating platform, scale, and expertise, and significantly enhance shareholder value.”
2 comments:
It is just a matter of time before the Northpark Mall becomes a Ghost Town like the thousands of other Malls around the country have. Hopefully the - Abandoned malls can be transformed into a variety of things, including residential units (apartments, condos), hotels and resorts, data centers, office spaces, and medical facilities. Some are also being converted into recreational spaces, learning centers, and community hubs. The old days of anchor, big box stores like Montgomery Ward, Sears, JCPenney's, Dillard's, Macy's, Nordstrom's are gone as Brick and Morter fade from the - Online Trend of Shopping for goods.
This is a sad thing are mall should stay here and have a different owner take over to keep in business
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