CBL tileCBL & Associates Properties Inc. has sold Madison Square Mall in Huntsville, Ala., for $5 million in cash.
The transaction was announced as part of the Chattanooga-based shopping center company’s earnings report released after the close of the stock markets Tuesday. The mall’s buyer wasn’t identified.
CBL said in the report that it has additional transactions in various stages.
Last year, CBL announced plans to sell 21 of its shopping malls, about a quarter of those nationwide holdings, in an effort to upgrade its remaining properties and boost the company’s income.
CBL said then it wants to divest the properties within 36 months. Neither Hamilton Place nor Northgate Mall in Chattanooga are a part of the slate.