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 Companys 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. CBLs 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.
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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 Companys various filings with the Securities and Exchange Commission, including without limitation the Companys Annual Report on Form 10-K and the “Managements Discussion and Analysis of Financial Condition and Results of Operations” included therein, for a discussion of such risks and uncertainties.
Katie Reinsmidt, 423-490-8301
Vice President & Chief Investment Officer
Stacey Keating, 423-490-8361
Director of Public
Relations & Corporate Communications