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CBL Properties Generates $13.75 Million From Recently Closed Asset Sales
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
CBL Properties (OTCMKTS:CBLAQ) announced the successful closing of two asset sales totaling approximately $13.75 million. The former Sears building at Harford Mall in Bel Air, Maryland, was sold for $5.0 million to SJC Ventures, which plans to redevelop the site. Additionally, the company sold 64 residential units at Pearland Town Center in Texas for $8.75 million. These transactions highlight CBL's strategy to leverage its portfolio, with over $35 million in sales year-to-date, enhancing its cash position for future growth opportunities.
Positive
Generated gross proceeds of approximately $13.75 million from two strategic asset sales.
Sold former Sears building in Harford Mall for $5.0 million to SJC Ventures, which aims for redevelopment.
Sale of 64 residential units at Pearland Town Center for $8.75 million demonstrates strong demand for multi-family assets.
Year-to-date sales exceed $35 million, enhancing cash position for future investments.
Negative
None.
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL Properties (OTCMKTS:CBLAQ) today announced that it closed on two strategic asset sales generating gross proceeds of approximately $13.75 million.
The Company has closed the sale of the former Sears building at Harford Mall in Bel Air, Maryland to SJC Ventures, generating $5.0 million of gross proceeds. SJC Ventures plans to utilize the land for a future grocery-anchored redevelopment.
“The redevelopment of Harford Mall’s former Sears building by SJC Ventures will attract considerable new traffic and activity to Harford Mall, positioning the property for an even greater transformation,” said Stephen Lebovitz, chief executive officer, CBL Properties. “Harford Mall enjoys a prime location with strong demographics and represents a tremendous opportunity to attract new uses and create additional value.”
CBL also closed on the sale of its 64 residential units at Pearland Town Center in Pearland, Texas, generating gross proceeds of $8.75 million to an institutional buyer. The units were developed as part of the original mixed-use project, which opened in 2008. The transaction takes advantage of the favorable demand for multi-family assets and is an attractive monetization of CBL’s investment.
Lebovitz added, “Year-to-date we have completed over $35 million in asset sales, which demonstrates the considerable value embedded in our portfolio. These sales supplement our strong cash position and provides capital for profitable future growth opportunities.”
About SJC Ventures
Founded in 2007, SJC Ventures, formerly S.J. Collins Enterprises, is a privately held, mixed-use commercial real estate and retail development firm. The company has acquired and developed more than 60 retail, mixed-use, multifamily and office projects throughout the continental U.S. The company is headquartered in Georgia. For more information, visit www.sjcventures.com.
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 105 properties totaling 63.9 million square feet across 24 states, including 63 high-quality enclosed, outlet and open-air retail centers and six 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.
What strategic asset sales did CBL Properties announce?
CBL Properties announced two strategic asset sales generating approximately $13.75 million, including the former Sears building at Harford Mall and 64 residential units at Pearland Town Center.
How much did CBL Properties earn from the sale of the former Sears building?
CBL Properties earned $5.0 million from the sale of the former Sears building at Harford Mall.
What was the gross proceeds from the sale of residential units at Pearland Town Center?
The sale of 64 residential units at Pearland Town Center generated gross proceeds of $8.75 million.
How much has CBL Properties generated from asset sales year-to-date?
CBL Properties has generated over $35 million from asset sales year-to-date.
What is SJC Ventures planning to do with the purchased Sears building site?
SJC Ventures plans to utilize the land of the former Sears building for a future grocery-anchored redevelopment.
