{"id":1004083023,"date":"2013-09-03T13:25:56","date_gmt":"2013-09-03T21:25:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004083023"},"modified":"2022-12-09T01:38:35","modified_gmt":"2022-12-09T09:38:35","slug":"cbl-sells-3-malls-in-the-southeast-for-176m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbl-sells-3-malls-in-the-southeast-for-176m\/","title":{"rendered":"CBL Sells 3 Malls in the Southeast for $176M"},"content":{"rendered":"

By Anna Spiewak, News Editor<\/i><\/p>\n

\"Rivergate<\/a>

Rivergate Mall, Nashville<\/p><\/div>\n

CBL & Associates Properties Inc. has closed on the sale of a three-mall portfolio in the Southeast for a gross sale price of $176 million in cash.<\/p>\n

Offshore investor with an Atlanta-based partner, Hendon Properties, bought the Georgia Square Mall and Georgia Square Theater in Athens, Ga., the Panama City Mall & The Shoppes at Panama City in Panama City, Fla., and Rivergate Mall & Village at Rivergate in Nasville, Tenn from CBL.<\/p>\n

\u201cWe\u2019ve had a long strategy of disposing of non-core assets and have been successful in doing so over the years, so this is consistent with that strategy,\u201d Katie Reinsmidt, CBL\u2019s senior vice president of Investor Relations & Corporate Investments told Commercial Property Executive<\/i>. \u201cWe like to sell major assets at the right pricing and we\u2019re able to achieve that with this disposition.\u201d<\/p>\n

Net proceeds from the disposition were used to minimize outstanding balances on the company\u2019s unsecured lines of credit. CBL expects a net impact of about $0.02 per share to 2013 funds from operations from the sale of the properties. Managing directors Margaret Caldwell and Kris Cooper of Jones Lang LaSalle Retail Investment Sales team represented CBL in the transaction.<\/p>\n

\u201cThey\u2019re mature malls and well positioned in their respective markets, and this is an opportunity for CBL to harvest some capital and maybe pay down some debt, and strengthen the company\u2019s position in the market, and position them to redeploy capital on other strategies going forward,\u201d Carl Storey, Principal at Baker Storey McDonald Properties, specializing in retail real estate told CPE<\/i>.<\/p>\n

CBL & Associates Properties, Inc. is a\u00a0REIT\u00a0based in\u00a0Chattanooga, Tennessee. The fourth largest\u00a0shopping mall\u00a0REIT in the\u00a0United States, it owns, holds interests in, or manages 130 properties including 79 market-dominant enclosed malls and open-air centers. CBL is an active developer of new regional malls, open-air centers, and lifestyle and community centers. The company\u2019s growth strategy also comes from acquisitions of regional malls.<\/p>\n","protected":false},"excerpt":{"rendered":"

CBL & Associates Properties has closed on the sale of a three-mall portfolio in the Southeast for a gross sale price of $176 million in cash.<\/p>\n","protected":false},"author":952,"featured_media":1004083024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,36077,21742,21749],"tags":[],"class_list":["post-1004083023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-nashville-knoxville","category-latest","category-retail"],"acf":[],"yoast_head":"\nCBL Sells 3 Malls in the Southeast for $176M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cbl-sells-3-malls-in-the-southeast-for-176m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBL Sells 3 Malls in the Southeast for $176M\" \/>\n<meta property=\"og:description\" content=\"CBL & Associates Properties has closed on the sale of a three-mall portfolio in the Southeast for a gross sale price of $176 million in cash.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cbl-sells-3-malls-in-the-southeast-for-176m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-09-03T21:25:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:38:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/09\/Rivergate.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbl-sells-3-malls-in-the-southeast-for-176m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbl-sells-3-malls-in-the-southeast-for-176m\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"CBL Sells 3 Malls in the Southeast for $176M\",\"datePublished\":\"2013-09-03T21:25:56+00:00\",\"dateModified\":\"2022-12-09T09:38:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbl-sells-3-malls-in-the-southeast-for-176m\\\/\"},\"wordCount\":346,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cbl-sells-3-malls-in-the-southeast-for-176m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/09\\\/Rivergate.jpg\",\"articleSection\":[\"Investment\",\"Nashville - 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