CBL tileCBL & Associates Properties, Inc., the Chattanooga-based shopping center development firm, said today it has completed a $5.7 million sale of Madison Plaza in Huntsville, Ala., as part of its strategy of upgrading its portfolio and disposing of non-core properties.
The sale of the 154,000-square-foot community center in Huntsville follows a $5 million sale in April by CBL of the nearby Madison Square Mall.
CBL also said today it has retired four loans totaling $322.7 million using availability under its lines of credit. The weighted average interest rate for the four loans was 5 percent. The loans were secured individually by malls in Wisconsin.
"We continue to strengthen CBL's portfolio with the steady progress we are making on our disposition program as represented by the completed sale of Madison Plaza," said Stephen Lebovitz, CBL's President and CEO. "We are also adding additional high quality properties to our unencumbered pool through our financing activities."