Chattanooga-based CBL & Associates Properties Inc. today announced that it and joint venture partner Horizon Group Properties closed on the sale of The Outlet Shoppes at Oklahoma City for a gross sales price of $130 million.
The center was purchased by Outlet Resource Group and Singerman Real Estate.
About $70.1 million, including defeasance costs, in loans secured by the property were retired concurrent with the close, the shopping center developer said.
CBL’s share of net equity proceeds, after retirement of secured loans and closing costs, was $38 million, the company said in a statement. Net proceeds were used to reduce outstanding balances on the company’s lines of credit, according to CBL.
“Our outlet center development program has created tremendous value for CBL and our shareholders,” said Stephen Lebovitz, CBL’s chief executive officer. “The Outlet Shoppes at Oklahoma City was the first project we developed with Horizon and has been a huge success. We are pleased to demonstrate the value of our outlet portfolio and provide additional liquidity to reduce leverage and help fund our redevelopment program.”