CBL Properties Closes on Sale of Community Center for $16.5 Million
October 18 2018 - 3:00PM
Business Wire
CBL Properties (NYSE: CBL) today announced that it closed on the
sale of Parkway Plaza, a community center located in Ft.
Oglethorpe, GA, for $16.5 million, in cash. The center was
purchased by United Properties Corp., a privately held real estate
investment group based out of East Meadow, NY. Proceeds from the
sale were used to reduce outstanding balances on the Company’s
lines of credit.
“We are pleased to close on the sale of Parkway Plaza, bringing
our total disposition activity year-to-date up to nearly $80
million,” said Stephen Lebovitz, chief executive officer. “Our
non-core property sales have provided an attractively priced source
of equity to supplement our strong cash flow. Proceeds from these
transactions contributed towards debt reduction and investments in
redevelopments as we transform our core properties with new dynamic
uses.”
Parkway Plaza is anchored by Hobby Lobby, Marshalls, Petco, Rack
Room Shoes and Ross Dress for Less. The center is located on
Battlefield Parkway next to the Walmart shopping center in Fort
Oglethorpe, GA.
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
113 properties totaling 71.8 million square feet across 26 states,
including 73 high-quality enclosed, outlet and open-air retail
centers and 12 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/20181018005796/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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