Northpark Mall owner sells two properties

(From CBL Properties)

Today CBL Properties (NYSE:CBL) announced that it has closed on two additional land sales at Harford Mall in Bel Air, Maryland, and Friendly Center in Greensboro, North Carolina. The transactions support the development of more than 515 class-A multifamily units and bring CBL’s year-to-date gross proceeds from land sales to mixed-use developers to more than $30 million.

At Harford Mall, CBL sold a 3.9-acre parcel of land in the middle of the campus to Maryland-based Cohere Development for the development of a 249-unit luxury residential complex. The project is expected to break ground in the coming weeks with an estimated opening in fall 2028.

At Friendly Center, CBL sold approximately 7 acres to Hines, a leading global real estate investment manager, for the development of a 270-unit Class A multifamily location adjacent to Whole Foods.

“The sale of these two parcels is consistent with CBL’s ongoing strategy of unlocking value from underappreciated land and asset sales while enhancing the long-term value of our portfolio through complementary mixed-use and multifamily development,” said Stephen D. Lebovitz, chief executive officer of CBL Properties. “With more than $30 million of land sales completed this year, we are demonstrating the embedded value of our real estate and the quality of our locations.”

Earlier this year, CBL sold more than 10 acres of land including the former Macy’s parcel at Harford Mall to SJC Ventures for future mixed-use development. At CoolSprings Galleria in Franklin, Tennessee, CBL sold approximately 6 acres to Greystar for a Class A multifamily project. Construction on that project began in June and it is expected to be completed in 2028.

(CBL Properties owns Northpark Mall in Joplin.)