CBL Properties on Monday announced that it had closed on the sale of Imperial Valley Mall in El Centro, Ca., for $38.1 million, all cash.
The property served as collateral under CBL’s non-recourse term loan. Net proceeds from the sale were applied to the term loan principal balance, which after closing, was reduced to $680.3 million.
“We are pleased to complete the sale of Imperial Valley Mall, another demonstration of the demand for stable enclosed malls,” said Stephen D. Lebovitz, CBL’s chief executive officer.
“This transaction puts us on course to meet the non-recourse term loan principal balance extension test in November 2025 without contributing further capital beyond required amortization. Our balance sheet has strengthened significantly through this and other recent transactions, reducing total debt and lengthening our maturity schedule.”