CBL & Associates Properties, Inc. and its 50/50 joint venture partner announced Thursday that it had entered into a binding agreement for the sale of 100 percent of Renaissance Center, the 363,000-square-foot community shopping center located in Durham, N.C. Renaissance Center will be sold to an institutional investor for a gross purchase price of $129.2 million ($64.6 million at each partner’s share).
The transaction is scheduled to close during the first quarter of 2016, subject to the assumption of a $16.0 million loan secured by the property’s second phase, defeasance of the $31.6 million loan secured by the property’s first phase and other customary closing conditions.
“We continue to achieve significant progress on our non-core and community center disposition program at attractive pricing, with more than $220 million in transaction announcements to date,” said Stephen D. Lebovitz, CBL’s president and chief executive officer. “These transactions highlight substantial value in the CBL portfolio that has not been recognized by the public markets. The sale of Renaissance Center allows us to monetize this value, generating significant proceeds to reduce leverage and further bolster our financial strength.”