CBL Properties today announced that it had closed on the sale of Monroeville Mall and Annex in Monroeville, Pa. for $34 million, all cash.
“The sale of Monroeville Mall is a great example of the resilient value of well-located real estate in a dynamic market,” said Stephen D. Lebovitz, CBL’s chief executive officer. “This transaction allows us to focus efforts on higher productivity properties, generates significant cash proceeds and further reduces leverage.”
Approximately $7.1 million of the net proceeds was utilized to reduce the outstanding principal of the Company’s outparcel and open-air center loan to $333 million, allowing for the release of a collateral parcel as part of the sale.