(From CBL Properties)
CBL Properties (NYSE:CBL) announced today that, along with its joint venture partner, it has closed on the sale of Hammock Landing, a 397,000 square-foot open-air center in West Melbourne, FL, for $78.5 million, including the assumption of the $43.8 million loan.
The sales of Hammock Landing, along with the first quarter sale of related infrastructure bonds, generate approximately $26 million of cash proceeds to CBL.
“The sale of Hammock Landing at an 8% cap rate further validates the value within CBL’s open-air portfolio,” commented Stephen D. Lebovitz, CBL’s Chief Executive Officer.
“The transaction provides an attractive source of equity and advances our capital recycling strategy as we redeploy proceeds into higher-yielding opportunities. Notably, the proceeds from Hammock Landing effectively matched the equity required to acquire Gateway Mall earlier this year.”
(CBL Properties owns Northpark Mall in Joplin.)