CBL Properties said Monday it completed the sale of a 15% stake in The Outlet Shoppes at Atlanta to it partner in the project, Horizon Group Properties, for $20.8 million.
CBL, which developed the 370,000-square-foot outlet in 2013, said the sales price included $11.4 million in related debt. Following the sale, CBL and its joint venture partner both own a 50% interest in the center.
CBL said it will use proceeds from the sale to reduce outstanding balances on the company's line of credit.
Stephen Lebovitz"With the closing of this sale, we've completed gross asset sales of more than $180 million during 2019," said Stephen Lebovitz, CBL's chief executive officer. "Proceeds from dispositions, along with our significant free cash flow, allow us to further transformative redevelopment efforts at our properties as well as improve our balance sheet through debt reduction."
After the sale was announced, CBL shares fell by 2.63%, or 3 cents per share, to $1.11 in trading on the New York Stock Exchange Monday.