CBL Reports Gateway Mall Acquisition, Sale of Open-Air Center
MT Newswires Live
Mar 06
CBL & Associates Properties (CBL) said Thursday it has purchased Gateway Mall from Washington Prime Group for $43.5 million.
The acquisition was financed with a $21 million non-recourse, five-year loan from Symetra Life Insurance, it said.
CBL also said it struck a deal to sell an open-air center at some 8% capitalization rate. It expects to raise net proceeds after debt repayment of $25 million, with closing expected in April.
The company said the transactions will advance its plan to grow its mall portfolio and increase cash flow through capital recycling.
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