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Michael, Charles and Stephen Lebovitz stand in the corporate lobby of CBL Properties. CBL has been in business for four decades, 25 of those as a publicly traded company.

Chattanooga-based developer CBL Properties has completed the sale of The Forum at Grandview, a 216,000-square-foot shopping center in Madison, Mississippi.

The center was sold to Hendon Properties for $31.75 million in cash, according to the company that operates Hamilton Place and Northgate malls in Chattanooga. Proceeds from the sale were used to reduce outstanding balances on the CBL's line of credit.

"The sale of The Forum at Grandview is an excellent example of our continued access to attractively priced capital," said Stephen Lebovitz, CEO of CBL Properties, in a statement. "Proceeds from this disposition will supplement our significant free cash flow, providing liquidity to fund our redevelopment opportunities and debt reduction."

The Forum at Grandview is anchored by Best Buy, Dick's Sporting Goods, HomeGoods, Michaels, HomeGoods, Stein Mart, Petco and ULTA. The center was originally developed in 2010 in a 75/25 joint venture with Mattiace Development. CBL received 100 percent of the proceeds from the sale.

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