CBL Completes Sale of Five Shopping Center Properties to Galileo America LLC
May 08 2006 - 10:00AM
Business Wire
CBL & Associates Properties, Inc. (NYSE:CBL) today announced
that it has completed the sale of five community shopping centers
to Galileo America LLC ("Galileo") for $106.5 million. The centers
include Wilkes-Barre Township Marketplace in Wilkes-Barre Township,
PA; Springdale Center in Mobile, AL; Fashion Square in Orange Park,
FL; Cobblestone Village at Royal Palm in West Palm Beach, FL; and
Chicopee Marketplace in Chicopee, MA. Proceeds from the sale were
used in a tax advantageous 1031 like-kind exchange to repay the
$102.9 million term loan on the Layton Hills Mall in Layton, UT,
acquired by the Company in November 2005. CBL is one of the largest
and most experienced owners and developers of malls and shopping
centers in the country. CBL owns, holds interests in or manages 127
properties, including 79 regional malls/open-air centers. The
properties are located in 26 states and total 72.7 million square
feet including 2.0 million square feet of non-owned shopping
centers managed for third parties. CBL currently has ten projects
under construction totaling 2.3 million square feet including Phase
II of Gulf Coast Town Center in Ft. Myers, FL; two open-air
shopping centers; two community centers, two associated centers and
three expansions. In addition to its two regional offices in Boston
(Waltham), MA and Dallas, TX, CBL's corporate office is located in
Chattanooga, TN. Additional information can be found at
http://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" incorporated by reference therein, for a discussion of
such risks and uncertainties.
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