CBL Properties Closes on Sale of Janesville Mall in Janesville, WI
28 July 2018 - 2:15AM
Business Wire
CBL Properties (NYSE: CBL) today announced that it closed on the
sale of Janesville Mall in Janesville, WI, for $18.0 million in
cash to RockStep Capital. Proceeds from the sale were used to
reduce outstanding balances on the Company’s lines of credit.
“We are pleased to complete the sale of Janesville Mall,” said
Stephen Lebovitz, chief executive officer. “Selectively disposing
of assets like this that no longer fit our strategy allows us to
improve the quality of our overall portfolio and focus our
redevelopment capital on growth assets. Proceeds from the sale also
provide a source to supplement our significant free cash flow and
fund these redevelopments and other capital improvements as well as
debt reduction.”
Janesville Mall is a 600,000-square-foot Tier 3 mall (2017 sales
of $243 psf) located in Janesville, WI. It is anchored by Boston
Store (closing in August), Dick’s Sporting Goods, Kohl’s and Sears,
along with a selection of shops and eateries.
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
117 properties totaling 72.8 million square feet across 26 states,
including 74 high-quality enclosed, outlet and open-air retail
centers and 11 properties managed for third parties. CBL
continuously strengthens its company and portfolio through active
management, aggressive leasing and profitable reinvestment in its
properties. For more information visit cblproperties.com.
Information included herein contains "forward-looking
statements" within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company’s various filings with the Securities and Exchange
Commission, including without limitation the Company’s Annual
Report on Form 10-K and the "Management’s Discussion and Analysis
of Financial Condition and Results of Operations" included therein,
for a discussion of such risks and uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20180727005452/en/
CBL PropertiesInvestor Contact:Katie Reinsmidt,
423-490-8301Executive Vice President & Chief Investment
OfficerKatie.Reinsmidt@cblproperties.comorMedia Contact:Stacey
Keating, 423-490-8361Director of Public Relations & Corporate
CommunicationsStacey.Keating@cblproperties.com
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