CBL Sells Mississippi Retail Center for $83M

CBL Properties has sold The Promenade, a 621,000-square-foot open-air retail center in D’Iberville, Miss. The asset changed hands for $83.1 million in an all-cash transaction, at an 8.5 percent cap rate.

Built by CBL in partnership with Forum Development, The Promenade opened in 2009. Its tenant roster features a diverse mix of regional and national retailers such as Target, Best Buy, Chick-fil-A, PetSmart, Dick’s Sporting Goods, Newk’s Express Cafe, Marshalls, Old Navy, Michael’s, rue21, ULTA, Olive Garden, Buffalo Wild Wings and Bath & Body Works, among others.

Located at 3821 Promenade Parkway, the open-air shopping center is near the intersection of interstates 10 and 110, in an area where the daily traffic count reaches approximately 100,000 vehicles. The Promenade has almost 8.2 million visitors annually, according to CBL.

A comprehensive portfolio

CBL currently owns and manages 87 properties across 20 states, totaling 53.9 million square feet. They include 52 enclosed malls, outlet centers and lifestyle retail centers, along with over 30 open-air centers and other assets. The company continues to manage and invest in its portfolio through leasing and reinvestment strategies that align with the current retail industry trends.

This month, CBL obtained a $78 million non-recourse loan for a 790,582-square-foot property in Fayetteville, N.C. Completed in 2005, Cross Creek is the only super-regional mall within a 75-mile radius.

At the beginning of the year, the Tennessee-based company sold Imperial Valley Mall in El Centro, Calif., for $38.1 million, also in an all-cash deal. The property served as collateral for the firm’s non-recourse term loan.