CBL & Associates Properties, Inc. announced Monday 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, N.C. 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, 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, Texas, 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.”