CBL & Associates Properties Inc. on Monday announced it has sold two more retail properties for $151.5 million, with its share at $86.9 million, in two separate transactions.
CBL and its 50/50 joint venture partner closed on the sale of 100 percent of Renaissance Center, a 363,000-square-foot community shopping center located in Durham, N.C. The transaction generated net equity to CBL of $40.8 million.
Also, CBL completed the sale of The Crossings at Marshalls Creek, an 86,000-square-foot community center located in Middle Smithfield, Pa., for a net sales price of $22.3 million. Net proceeds from the dispositions were used to reduce outstanding balances on the company's lines of credit, the company said.
Stephen D. Lebovitz, CBL's president and chief executive officer, said that since January 2015, the company has applied net equity from dispositions of $190 million to reduce debt and has removed from its balance sheet an additional $106 million in secured debt either assumed by buyers or retired.