CBL Properties Announces Sale of Monroeville Mall for $34.0 Million
CBL Properties (NYSE:CBL) has announced the completion of the sale of Monroeville Mall and Annex in Monroeville, PA, for $34.0 million in an all-cash transaction. The company utilized $7.1 million of the net proceeds to reduce the outstanding principal of its outparcel and open-air center loan to $333.0 million, which enabled the release of a collateral parcel as part of the sale. CEO Stephen D. Lebovitz highlighted that the sale demonstrates the resilient value of well-located real estate and allows CBL to focus on higher productivity properties while reducing leverage.
CBL Properties (NYSE:CBL) ha annunciato il completamento della vendita del Monroeville Mall e dell'Annex a Monroeville, PA, per 34,0 milioni di dollari in un'operazione completamente in contante. L'azienda ha utilizzato 7,1 milioni di dollari del ricavato netto per ridurre il principale outstanding del suo prestito per il centro commerciale e l'area aperta a 333,0 milioni di dollari, il che ha permesso il rilascio di una parte collaterale come parte della vendita. Il CEO Stephen D. Lebovitz ha sottolineato che la vendita dimostra il valore resiliente degli immobili ben posizionati e consente a CBL di concentrarsi su proprietà con maggiore produttività, riducendo così la leva finanziaria.
CBL Properties (NYSE:CBL) ha anunciado la finalización de la venta de Monroeville Mall y Annex en Monroeville, PA, por 34,0 millones de dólares en una transacción completamente en efectivo. La empresa utilizó 7,1 millones de dólares de las ganancias netas para reducir el principal pendiente de su préstamo para el terreno suplementario y el centro al aire libre a 333,0 millones de dólares, lo que permitió la liberación de una parcela colateral como parte de la venta. El CEO Stephen D. Lebovitz destacó que la venta demuestra el valor resiliente de los bienes raíces bien ubicados y permite a CBL concentrarse en propiedades de alta productividad mientras reduce el apalancamiento.
CBL Properties (NYSE:CBL)는 Pensilvaniya주 Monroeville의 Monroeville Mall과 Annex의 판매 완료를 3400만 달러에 현금 거래로 발표했습니다. 회사는 순수익의 710만 달러를 사용하여 그랜드 센터 대출의 미결제 원금을 3억 3300만 달러로 줄여, 판매의 일환으로 담보 parcels의 해제를 가능하게 했습니다. CEO Stephen D. Lebovitz는 이번 판매가 잘 위치한 부동산의 회복력 있는 가치를 보여주며, CBL이 높은 생산성을 가진 자산에 집중하고 레버리지를 줄일 수 있게 한다고 강조했습니다.
CBL Properties (NYSE:CBL) a annoncé l'achèvement de la vente du Monroeville Mall et de l'Annex à Monroeville, PA, pour 34,0 millions de dollars dans une transaction entièrement en espèces. L'entreprise a utilisé 7,1 millions de dollars des produits nets pour réduire le principal restant de son prêt pour le centre commercial et l'espace ouvert à 333,0 millions de dollars, ce qui a permis la libération d'une parcelle de garantie dans le cadre de la vente. Le PDG Stephen D. Lebovitz a souligné que la vente démontre la valeur résiliente des biens immobiliers bien situés et permet à CBL de se concentrer sur des propriétés à haute productivité tout en réduisant l'effet de levier.
CBL Properties (NYSE:CBL) hat den Abschluss des Verkaufs des Monroeville Mall und Annex in Monroeville, PA, für 34,0 Millionen Dollar in einer vollständigen Bartransaktion bekannt gegeben. Das Unternehmen verwendete 7,1 Millionen Dollar der Nettomittel, um den ausstehenden Hauptbetrag seines Darlehens für die Grundstücke und das Freiluftzentrum auf 333,0 Millionen Dollar zu reduzieren, was die Freigabe eines Sicherungsgeländes als Teil des Verkaufs ermöglichte. CEO Stephen D. Lebovitz hob hervor, dass der Verkauf den resilienten Wert gut gelegener Immobilien demonstriert und CBL es ermöglicht, sich auf produktivere Immobilien zu konzentrieren und gleichzeitig die Verschuldung zu verringern.
- Sale of Monroeville Mall generated $34.0 million in cash proceeds
- Reduced outstanding loan principal by $7.1 million to $333.0 million
- Strategic divestment allows focus on higher-performing properties
- Improved balance sheet through leverage reduction
- Reduction in property portfolio and associated revenue stream
Insights
The
- Immediate balance sheet improvement through debt reduction, with
$7.1 million applied to decrease their outparcel and open-air center loan to$333.0 million - Enhanced financial flexibility from the remaining
$26.9 million in proceeds - Strategic portfolio refinement by divesting a lower-productivity asset
This transaction is particularly noteworthy given CBL's market cap of
The decision to reduce the outparcel loan demonstrates prudent capital management, as it not only decreases leverage but also unlocks additional collateral. This enhanced financial flexibility positions CBL to pursue higher-return opportunities within their core markets while maintaining a strengthened balance sheet. The all-cash nature of the deal provides immediate liquidity without complicated earnouts or seller financing, reflecting strong buyer confidence in the asset.
“The sale of Monroeville Mall is a great example of the resilient value of well-located real estate in a dynamic market,” commented Stephen D. Lebovitz, CBL’s Chief Executive Officer. “This transaction allows us to focus efforts on higher productivity properties, generates significant cash proceeds and further reduces leverage.”
Approximately
About CBL Properties
Headquartered in
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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Investor Contact: Katie Reinsmidt, Executive Vice President & Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com
Media Contact: Stacey Keating, Vice President– Corporate Communications, 423.490.8361, Stacey.Keating@cblproperties.com
Source: CBL Properties
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