(From CBL Properties)CBL Properties (NYSE:CBL) today announced that it had closed on the sale of its interest in Fremaux Town Center, a roughly 640,000-square-foot open-air center located in Slidell, LA, to its joint venture partner, Stirling.
CBL received net cash proceeds of $30.77 million and eliminated $35.0 million of property-specific debt. The transaction represented an 8.2% cap rate.
“We’re pleased to complete the sale of our interest in Fremaux Town Center at attractive pricing that highlights the significant and underappreciated value of our open-air portfolio,” said Stephen D. Lebovitz, Chief Executive Officer of CBL.
“This transaction simplifies our ownership structure by reducing joint venture exposure. It also generates cash proceeds to pursue higher-yield opportunities, including future acquisitions and share repurchase activity.”
(Note: CBL Properties owns Northpark Mall in Joplin.)
2 comments:
The writing is on the wall
The Old Days of going to the Mall, walking, window shopping, or just shopping, hanging out, meeting friends, grabbing a quick bite to eat or going to a movie all within the confines of an indoor area is probably within the last decade of its existence - but some of us will always remember - "The Good-Old Days".
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