CBL & Associates Properties, Inc. on Monday announced that it had closed $151.5 million ($86.9 million at CBL’s share) in dispositions in two separate transactions. CBL and its 50/50 joint venture partner closed on the sale of 100 percent of Renaissance Center, the 363,000-square-foot community shopping center in Durham, N.C. Renaissance Center was sold for a gross sales price of $129.2 million, including assumption of a $16.0 million loan and a $31.6 million loan that was retired at closing. The transaction generated net equity to CBL of $40.8 million.
In a separate transaction, CBL completed the sale of The Crossings at Marshalls Creek, the 86,000-square-foot community center in Middle Smithfield, Pa., for a net sales price of $22.3 million. Net proceeds from the dispositions were used to reduce outstanding balances on the company’s lines of credit.
“These transactions generated more than $60 million in attractively priced equity to CBL,” said Stephen D. Lebovitz, CBL’s president and chief executive officer. “Since January 2015, we have applied net equity from dispositions of $190 million to reduce debt and have removed from our balance sheet an additional $106 million in secured debt assumed by buyers or retired. These actions have significantly strengthened our liquidity position, and we look forward to making additional progress on this strategy going forward.”