CBL & Associates Properties, Inc. Announces Dispositions of Non-Core Properties

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--

CBL & Associates Properties, Inc. CBL announced today that it had entered into a binding agreement for the sale of Mayfaire Community Center, the 210,000-square-foot center located adjacent to CBL's Mayfaire Towne Center in Wilmington, NC. CBL acquired Mayfaire Towne Center and Mayfaire Community Center in June of 2015. Mayfaire Community Center will be sold to Principal Real Estate Investors for a cash purchase price of $56.3 million. CBL will provide leasing and management services for the new owners. The transaction is scheduled to close in December 2015, subject to customary closing conditions.

Additionally, CBL and its JV partner closed on the sale of a 340-unit Class A apartment complex in Austin, TX, located adjacent to a retail property previously developed and sold by CBL. CBL held a participatory ground lease position in the apartment complex and received $18.4 million in net proceeds.

"We are pleased to be able to execute on our outlined community center and non-core disposition program, generating significant proceeds to reduce leverage," said Stephen D. Lebovitz, CBL's president and chief executive officer. "The sale of Mayfaire Community Center also allows us to create immediate value while retaining the growth potential of Mayfaire Towne Center and the benefits of the two centers' synergy."

"Mayfaire Community Center is an ideal fit for our client's retail strategies. It is the premier grocery anchored center in the Wilmington market with best in class tenants such as Harris Teeter, Dick's Sporting Goods, Marshalls, Panera Bread, and Wells Fargo," said Jim Halliwell, Managing Director, Principal Real Estate Investors. "The "Mayfaire" brand is very powerful in the market and the live, work, play atmosphere of the Mayfaire mixed-use development provides exceptional demand drivers and truly creates a "sense of place" for patrons. We look forward to working with CBL on this asset."

About Principal Real Estate Investors

Principal Real Estate Investors manages or sub-advises $60.3 billion in commercial real estate assets¹. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group^®.

About CBL & Associates Properties, Inc.

CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 148 properties, including 91 regional malls/open-air centers. The properties are located in 30 states and total 84.8 million square feet including 7.1 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. Additional information can be found at 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.

¹ As of September 30, 2015.

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