CBL Properties on Tuesday announced that it had closed on the sale of The Forum at Grandview, a 216,000-square-foot shopping center located in Madison, Ms. The center was sold to Hendon Properties for $31.75 million, all cash.
Proceeds from the sale were used to reduce outstanding balances on the company’s line of credit.
“The sale of The Forum at Grandview is an excellent example of our continued access to attractively priced capital,” said Stephen Lebovitz, CEO of CBL Properties. “Proceeds from this disposition will supplement our significant free cash flow, providing liquidity to fund our redevelopment opportunities and debt reduction.”
The Forum at Grandview is anchored by Best Buy, Dick’s Sporting Goods, HomeGoods, Michaels, HomeGoods, Stein Mart, Petco and ULTA. The center was originally developed in 2010 in a 75/25 joint venture with Mattiace Development.
CBL received 100 percent of the proceeds from the sale.