CBL Properties Completes Sale of JV Storage Portfolio
November 18 2021 - 2:00PM
Business Wire
CBL Properties (NYSE: CBL) today announced the sale of its
self-storage portfolio for a gross sales price of $42.0 million
($22.0 million at CBL’s share). After repayment of approximately
$25.7 million ($16.4 million at CBL’s share) in recourse loans
secured by the properties, the sale generated cash to CBL of
approximately $8.5 million.
The portfolio included self-storage facilities that CBL and its
joint venture partner had developed on available land at CBL’s Mid
Rivers Mall in St. Charles, MO, Eastgate Mall in Cincinnati, OH,
Parkdale Mall in Beaumont, TX and Hamilton Place in Chattanooga,
TN.
“The sale of this portfolio is a great example of the types of
value creation opportunities we are pursuing across our portfolio,”
said Stephen Lebovitz, chief executive officer, CBL Properties. “We
developed these assets with less than $300,000 of cash invested,
utilizing existing land as our equity. Within three years of
starting this program, we are able to take advantage of terrific
pricing and monetize the assets to provide additional cash for the
company.”
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
99 properties totaling 63.0 million square feet across 24 states,
including 61 high-quality enclosed, outlet and open-air retail
centers and five properties managed for third parties. CBL seeks to
continuously strengthen its company and portfolio through active
management, aggressive leasing and profitable reinvestment in its
properties. For more information visit cblproperties.com.
CBL_Corp
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version on businesswire.com: https://www.businesswire.com/news/home/20211118006046/en/
Investor Contact: Katie Reinsmidt, EVP & Chief Investment
Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com
Media Contact: Stacey Keating, Vice President - Corporate
Communications, 423.490.8361, Stacey.Keating@cblproperties.com
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