CBL Properties Completes Sale of The Forum at Grandview in Madison, MS for $31.75 Million
July 16 2019 - 2:30PM
Business Wire
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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version on businesswire.com: https://www.businesswire.com/news/home/20190716005912/en/
Investor Contact: Katie Reinsmidt, EVP & Chief Investment
Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com Media
Contact: Stacey Keating, Director of Public Relations &
Corporate Communications, 423.490.8361,
Stacey.Keating@cblproperties.com
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