CBL Properties has closed the sale of a 15 percent interest in an Atlanta outlet mall to an affiliate of its existing joint venture partner, Horizon Group Properties, for $20.8 million.
Following the sale, CBL and its joint venture partner both own a 50 percent interest in the center, known as The Outlet Shoppes at Atlanta.
“With the closing of this sale, we’ve completed gross asset sales of more than $180 million during 2019,” said Stephen Lebovitz, CBL’s CEO. “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.”
