(From CBL Properties)Today CBL Properties (NYSE:CBL) announced that it has closed on the sale of a 10.468-acre parcel of land on the northeast side of Harford Mall in Bel Air, Maryland, to SJC Ventures as part of a future masterplan mixed-use redevelopment. The sale is consistent with CBL’s ongoing strategy of unlocking value from underappreciated land and assets that can be redeployed into higher-yielding opportunities.
“The sale of this parcel at Harford Mall illustrates the inherent value of CBL’s real estate and the attractiveness of our locations for future development,” said Stephen D. Lebovitz, chief executive officer of CBL Properties.
“In the current market, new development is constrained by a lack of available real estate. We believe there’s great potential for future land sales across our portfolio. Including this transaction, CBL has more than $30 million of land sales to mixed-use and multi-family developers in process across its portfolio, highlighting the embedded value within our portfolio and demand for well-located real estate in high barrier to entry markets.”
The land parcel includes the former Macy’s location, which is expected to be demolished to make way for a future mixed-use development. Additional phases of the overall Harford Mall site redevelopment will be announced in the coming months.
The land parcel includes the former Macy’s location, which is expected to be demolished to make way for a future mixed-use development. Additional phases of the overall Harford Mall site redevelopment will be announced in the coming months.
(CBL Properties owns Northpark Mall in Joplin.)
The press release states "Today CBL Properties (NYSE:CBL) announced that it has closed on the sale of a 10.468-acre parcel of land "
ReplyDeleteThat's a 10 DECIMAL POINT 468 acre parcel of land.
10,468 acres is 16.35 square miles, and selling a parcel of land that size in a developed area like Bel Air MD is not happening!