CBL Properties Closes on Sale of Community Center in Statesboro, GA
August 27 2018 - 11:00AM
Business Wire
CBL Properties (NYSE: CBL) today announced that it closed on the
sale of Statesboro Crossing, a community center located in
Statesboro, GA, for $21.5 million in cash. Proceeds from the sale
were used to retire the $10.7 million loan secured by the property
and to reduce outstanding balances on the Company’s lines of
credit.
“We are pleased to close on the sale of Statesboro Crossing,
providing an attractively priced source of equity to supplement our
other sources of capital,” said Stephen Lebovitz, chief executive
officer. “With this closing, we have completed more than $60
million in disposition activity this year. Proceeds from these
transactions have contributed towards debt reduction and
investments in redevelopment as we transform our core properties
with new dynamic uses.”
Statesboro Crossing is located on an approximately 50-acre site
at the southwest corner of Brannen Street Extension and Veteran’s
Memorial Parkway. The center is anchored by T.J. Maxx, Hobby Lobby,
Books-A-Million, Petco, Hibbett Sports and Rack Room Shoes.
Statesboro Crossing was owned in a 50/50 joint venture. CBL
received 100% of the proceeds from the transaction.
Statesboro Crossing was sold to a group of investors through New
Orleans, LA, based Morrison Investment Group, LLC.
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
116 properties totaling 72.6 million square feet across 26 states,
including 74 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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version on businesswire.com: https://www.businesswire.com/news/home/20180827005124/en/
CBL PropertiesInvestor Contact:Katie Reinsmidt,
423-490-8301Executive Vice President & Chief Investment
OfficerKatie.Reinsmidt@cblproperties.comorMedia Contact:Stacey
Keating, 423-490-8361Director of Public Relations & Corporate
CommunicationsStacey.Keating@cblproperties.com
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