CBL Properties Closes $78.5 Million Sale of Hammock Landing in West Melbourne, FL
CBL Properties (NYSE:CBL) announced today that, along with its joint venture partner, it has closed on the sale of Hammock Landing, a 397,000 square-foot open-air center in West Melbourne, FL, for $78.5 million, including the assumption of the $43.8 million loan. The sales of Hammock Landing, along with the first quarter sale of related infrastructure bonds, generate approximately $26 million of cash proceeds to CBL.
“The sale of Hammock Landing at an 8% cap rate further validates the value within CBL’s open-air portfolio,” commented Stephen D. Lebovitz, CBL’s Chief Executive Officer. “The transaction provides an attractive source of equity and advances our capital recycling strategy as we redeploy proceeds into higher-yielding opportunities. Notably, the proceeds from Hammock Landing effectively matched the equity required to acquire Gateway Mall earlier this year.”
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 owned and managed portfolio is comprised of 87 properties totaling 55.1 million square feet across 23 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 20 open-air centers and other assets. 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.
