CBL & Associates closes sale of interest in the Outlet Shoppes at Atlanta
CBL Properties announced that it closed the sale of a 15% interest in The Outlet Shoppes at Atlanta in Atlanta, GA, to an affiliate of its existing joint venture partner, Horizon Group Properties, for total consideration of $20.8 million. The sales price included approximately $11.4 million in related debt. Following the sale, CBL and its joint venture partner both own a 50% interest in the center. Net proceeds from the sale were used to reduce outstanding balances on the company's line of credit. "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."