CBL Properties (NYSE: CBL) today announced the sale of its self-storage portfolio for a gross sales price of $42.0 million ($22.0 million at CBL's share). After repayment of approximately $25.7 million ($16.4 million at CBL's share) in recourse loans secured by the properties, the sale generated cash to CBL of approximately $8.5 million.
The portfolio included self-storage facilities that CBL and its joint venture partner had developed on available land at CBL's Mid Rivers Mall in St. Charles, MO, Eastgate Mall in Cincinnati, OH, Parkdale Mall in Beaumont, TX and Hamilton Place in Chattanooga, TN.
"The sale of this portfolio is a great example of the types of value creation opportunities we are pursuing across our portfolio," said Stephen Lebovitz, chief executive officer, CBL Properties. "We developed these assets with less than $300,000 of cash invested, utilizing existing land as our equity. Within three years of starting this program, we are able to take advantage of terrific pricing and monetize the assets to provide additional cash for the company."
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's portfolio is comprised of 99 properties totaling 63.0 million square feet across 24 states, including 61 high-quality enclosed, outlet and open-air retail centers and five properties managed for third parties. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.