CBL Properties said today it has completed its $18 million sale of the Janesville Mall in Janesville, Wisconsin as part of the CBL's ongoing strategy to revamp its retail property lineup.
CBL acquired the 600,000-square-foot mall in 1998, 25 years after its initial opening in 1973. RockStep Capital bought the 45-year-old mall today for $18.0 million in cash. CBL said proceeds from the sale will reduce outstanding balances on the Company's lines of credit.
"Selectively disposing of assets like this that no longer fit our strategy allows us to improve the quality of our overall portfolio and focus our redevelopment capital on growth assets," said Stephen Lebovitz, chief executive officer. "Proceeds from the sale also provide a source to supplement our significant free cash flow and fund these redevelopments and other capital improvements as well as debt reduction."
Janesville Mall is anchored by Boston Store (closing in August), Dick's Sporting Goods, Kohl's and Sears, along with a selection of shops and eateries. A J.C. Penney store in the mall closed in 2014.
The Chattanooga-based CBL Properties has sold a half dozen malls and retail centers in the past three years. But CBL continues to own a portfolio of 117 properties totaling 72.8 million square feet across 26 states, including 74 enclosed, outlet and open-air retail centers and 11 properties managed for third parties.