CBL Properties today announced that it has sold Parkway Plaza, a community center located in Fort Oglethorpe, for $16.5 million in cash.
The center was purchased by United Properties Corp., a privately held real estate investment group based out of East Meadow, N.Y. Proceeds from the sale were used to reduce outstanding balances on the company's lines of credit.
"We are pleased to close on the sale of Parkway Plaza, bringing our total disposition activity year-to-date up to nearly $80 million," said Stephen Lebovitz, CBL's chief executive officer. "Our non-core property sales have provided an attractively priced source of equity to supplement our strong cash flow. Proceeds from these transactions contributed towards debt reduction and investments in redevelopments as we transform our core properties with new dynamic uses."
Parkway Plaza is anchored by Hobby Lobby, Marshalls, Petco, Rack Room Shoes and Ross Dress for Less. The center is located on Battlefield Parkway next to the Walmart shopping center.