(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.)
The writing is on the wall
ReplyDeleteThe 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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