Market Overview

CBL Properties Closes on Sale of Community Center in Statesboro, GA

Share:

CBL Properties (NYSE:CBL) today announced that it closed on the sale of
Statesboro Crossing, a community center located in Statesboro, GA, for
$21.5 million in cash. Proceeds from the sale were used to retire the
$10.7 million loan secured by the property and to reduce outstanding
balances on the Company's lines of credit.

"We are pleased to close on the sale of Statesboro Crossing, providing
an attractively priced source of equity to supplement our other sources
of capital," said Stephen Lebovitz, chief executive officer. "With this
closing, we have completed more than $60 million in disposition activity
this year. Proceeds from these transactions have contributed towards
debt reduction and investments in redevelopment as we transform our core
properties with new dynamic uses."

Statesboro Crossing is located on an approximately 50-acre site at the
southwest corner of Brannen Street Extension and Veteran's Memorial
Parkway. The center is anchored by T.J. Maxx, Hobby Lobby,
Books-A-Million, Petco, Hibbett Sports and Rack Room Shoes. Statesboro
Crossing was owned in a 50/50 joint venture. CBL received 100% of the
proceeds from the transaction.

Statesboro Crossing was sold to a group of investors through New
Orleans, LA, based Morrison Investment Group, LLC.

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 116 properties
totaling 72.6 million square feet across 26 states, including 74
high-quality enclosed, outlet and open-air retail centers and 11
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.

View Comments and Join the Discussion!