CBL Properties said Tuesday it has sold a 25% interest in The Outlet Shoppes in El Paso, Texas to an affiliate of its existing joint venture partner, Horizon Group Properties, for $27.75 million.
The sales price included approximately $18.5 million in related debt. Following the sale, CBL and its joint venture partner both own a 50% interest in the center. Net proceeds from the sale were used to reduce outstanding balances on the company's line of credit.
"The completion of this sale demonstrates both the substantial value of our assets as well as our ongoing access to attractively priced capital," said Stephen Lebovitz, CBL's chief executive officer. "The nearly $150 million in gross disposition activity completed year-to-date supplements our significant free cash flow, which allows us to further our transformative redevelopment efforts at our properties as well as improve our balance sheet through debt reduction."