CBL and Associates Prope... (NYSE:CBL)
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3 Months : From Jun 2019 to Sep 2019
CBL Properties (NYSE:CBL) today announced that it had closed on the sale of The Forum at Grandview, a 216,000-square-foot shopping center located in Madison, MS. The center was sold to Hendon Properties for $31.75 million, all cash. Proceeds from the sale were used to reduce outstanding balances on the Company’s line of credit.
“The sale of The Forum at Grandview is an excellent example of our continued access to attractively priced capital,” said Stephen Lebovitz, CEO of CBL Properties. “Proceeds from this disposition will supplement our significant free cash flow, providing liquidity to fund our redevelopment opportunities and debt reduction.”
The Forum at Grandview is anchored by Best Buy, Dick’s Sporting Goods, HomeGoods, Michaels, HomeGoods, Stein Mart, Petco and ULTA. The center was originally developed in 2010 in a 75/25 joint venture with Mattiace Development. CBL received 100% of the proceeds from the sale.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s portfolio is comprised of 111 properties totaling 69.7 million square feet across 26 states, including 69 high‑quality enclosed, outlet and open-air retail centers and 11 properties managed for third parties. CBL continuously strengthens its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information, visit cblproperties.com.
Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K and the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties.
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Katie Reinsmidt, EVP & Chief Investment Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com
Stacey Keating, Director of Public Relations & Corporate Communications, 423.490.8361, Stacey.Keating@cblproperties.com