CHATTANOOGA, Tenn.--(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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CBL Properties
Investor Contact:
Katie Reinsmidt, 423-490-8301
Executive
Vice President & Chief Investment Officer
Katie.Reinsmidt@cblproperties.com
or
Media
Contact:
Stacey Keating, 423-490-8361
Director of Public
Relations & Corporate Communications
Stacey.Keating@cblproperties.com
Source: CBL Properties