CBL tileCBL & Associates Properties Inc. has agreed to sell Mayfaire Community Center, a 210,000-square-foot shopping center adjacent to CBL’s Mayfaire Towne Center in Wilmington, N.C.
Chattanooga-based CBL acquired Mayfaire Towne Center and Mayfaire Community Center in June. Mayfaire Community Center will be sold to Principal Real Estate Investors $56.3 million. CBL will provide leasing and management services for the new owners. The deal is to close in December.
Also, CBL and its joint investment partner have closed on the sale of a 340-unit apartment complex in Austin, Texas, located adjacent to a retail property previously developed and sold by CBL. CBL held a participatory ground lease position in the apartment complex and received $18.4 million in net proceeds.
“We are pleased to be able to execute on our outlined community center and non-core disposition program, generating significant proceeds to reduce leverage,” said Stephen Lebovitz, CBL’s chief executive officer.