CHATTANOOGA, Tenn.--(BUSINESS WIRE)-- CBL Properties (NYSE: CBL) and its 50% joint venture partner announced today that it has closed on the sale of York Town Center, a dominant open-air retail destination in York, Pennsylvania, for $50.65 million. The transaction was completed at approximately an 8.5% capitalization rate.
“We are pleased to complete the sale of York Town Center at such strong pricing, reflecting the continued investor demand for high-quality retail assets,” commented Stephen D. Lebovitz, Chief Executive Officer of CBL Properties.
“This transaction simplifies our structure through the exit of another joint venture. It also advances our capital recycling strategy and allows us to monetize a mature asset while generating meaningful proceeds that can be redeployed into higher-yielding opportunities.
"The successful sale demonstrates the value embedded within our portfolio and supports our continued focus on maximizing shareholder value.”
(CBL Properties owns Northpark Mall in Joplin.)
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