CBL Properties Acquires Joint Venture Partner’s Interest in Three of Its Top Properties
23 Diciembre 2024 - 3:25PM
Business Wire
CoolSprings Galleria in Nashville, TN, Oak Park
Mall in Kansas City, KS, and West County Center in St. Louis, MO,
Now Wholly Owned by CBL
CBL Properties (NYSE: CBL) today announced that it had closed on
the acquisition of its partner’s 50% joint venture interests in
CoolSprings Galleria in Nashville, TN, Oak Park Mall in Kansas
City, KC, and West County Center in St. Louis, MO. The interests
were acquired for a total cash consideration of $22.5 million. CBL
also assumed an aggregate $266.7 million in three non-recourse
loans, secured individually by each of the assets.
“We are pleased to gain full control of these high-performing
assets, which will allow us to more fully execute our vision for
growth as well as reap 100% of the future financial gains,” said
Stephen D. Lebovitz, CBL’s Chief Executive Officer. “These malls
are among the most productive properties in our portfolio and
owning 100% of them is a major step forward for CBL. The
transaction is immediately accretive and provides both near and
long-term value-creation opportunities, most notably the
comprehensive densification plans which are underway at CoolSprings
Galleria. In addition to this transaction, we have also completed
the extension of the non-recourse loans secured by West County
Center, (to December 2026, at the existing interest rate) and Oak
Park Mall, (to October 2030, at a 5% fixed interest rate).
CoolSprings Galleria enjoys favorable in-place non-recourse
financing with an interest rate of 4.84% that matures in May
2028.”
About CoolSprings Galleria
CoolSprings Galleria is a more than one million square-foot
super-regional shopping destination featuring more than 150 stores
including Apple, American Girl, The Cheesecake Factory, Connors
Steak & Seafood, H&M, Kings Dining & Entertainment,
Pottery Barn, and Williams-Sonoma. CoolSprings Galleria is anchored
by Belk, Dillard’s, JCPenney and Macy’s and is conveniently located
off I-65 at exits 68 and 69, just fifteen miles south of Nashville.
Recent additions to the center include Garage, The Normal Brand,
and Barnes & Noble, with Primark opening at the center in 2025.
For additional information, find us on Facebook at
www.Facebook.com/CoolSpringsGalleria follow us on Twitter
@ShopCoolSprings or visit www.CoolSpringsGalleria.com.
About Oak Park Mall
Oak Park Mall is conveniently located in Overland Park, Kansas,
just off of Highway 69 at West 95th Street. The shopping center is
the exclusive home in the Kansas City metro area to Nordstrom,
LUSH, Oakley, and more than 185 specialty stores, boutiques and
eateries. For more information find us on Facebook at
www.facebook.com/OakParkMall or visit www.ShopOakParkMall.com.
About West County Center
West County Center is the premier shopping destination in the
St. Louis region. It features a broad mix of exceptional retail and
restaurants including Apple, lululemon, California Pizza Company,
Dry Goods, Garage, J. Gilberts Wood Fired Steaks and Seafood,
Nordstrom, Sephora and more. The center is located conveniently at
the intersection of I-270 and Manchester Road. For more
information, find us on Facebook at
www.facebook.com/WestCountyCenter or visit
www.ShopWestCountyCenter.com.
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and
manages a national portfolio of market-dominant properties located
in dynamic and growing communities. CBL’s owned and managed
portfolio is comprised of 91 properties totaling 57.7 million
square feet across 21 states, including 55 high-quality enclosed
malls, outlet centers and lifestyle retail centers as well as more
than 30 open-air centers and other assets. CBL seeks to
continuously strengthen its company and portfolio through active
management, aggressive leasing and profitable reinvestment in its
properties. For more information visit cblproperties.com.
Information included herein contains “forward-looking
statements” within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company’s various filings with the Securities and Exchange
Commission, including without limitation the Company’s Annual
Report on Form 10-K and the “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” included therein,
for a discussion of such risks and uncertainties.
CBL_Corp
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version on businesswire.com: https://www.businesswire.com/news/home/20241223155336/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Operating Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com
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