CBL tileCBL & Associates Properties, Inc. announced today it has sold its share of a Durham, N.C. shopping center for $64.6 million as part of the company's strategy to dispose of part of its portfolio.
CBL, which owned half of 363,000-square-foot Renaissance Center shopping center in Durham, will dispose of the site in the first quarter of 2016, subject to the assumption of a $16.0 million loan secured by the property's second phase, defeasance of the $31.6 million loan secured by the property's first phase and other customary closing conditions.
"We continue to achieve significant progress on our non-core and community center disposition program at attractive pricing, with more than $220 million in transaction announcements to date," said Stephen D. Lebovitz, CBL's president and chief executive officer. "These transactions highlight substantial value in the CBL portfolio that has not been recognized by the public markets. The sale of Renaissance Center allows us to monetize this value, generating significant proceeds to reduce leverage and further bolster our financial strength."
CBL is one of the largest developers of malls and shopping centers in the United States with interest in 147 properties, including Hamilton Place, Northgate and 89 other regional malls.