CBL & Associates Properties, Inc. has closed on the sale of three Tier 3 enclosed malls for an aggregate sales price of $32.25 million to Hull Property Group. The portfolio includes Randolph Mall in Asheboro, N.C.; Regency Mall in Racine, Wi.; and Walnut Square in Dalton.
Net proceeds from the transaction were used to reduce outstanding balances on the company’s lines of credit.
“With eight mall dispositions completed in 2016, this has been a transformative year for CBL,” said Stephen Lebovitz, president and CEO.
“As we near the completion of this transformation, our portfolio and our company are stronger today than they have ever been. We look forward to continuing to demonstrate the benefits of our strategy in our results and growth as we move into the New Year.”