CBL Properties on Monday announced it closed on the sale of Statesboro Crossing, a community center located in Statesboro, Georgia, for $21.5 million in cash.
Proceeds from the sale were used to retire the $10.7 million loan secured by the property and to reduce outstanding balances on the company's lines of credit, according to the Chattanooga-based shopping center company.
"With this closing, we have completed more than $60 million in disposition activity this year," said CBL Chief Executive Officer Stephen Lebovitz in a statement. "Proceeds from these transactions have contributed towards debt reduction and investments in redevelopment as we transform our core properties with new dynamic uses."
Statesboro Crossing was sold to a group of investors through New Orleans-based Morrison Investment Group LLC.