CBL Properties sells self-storage portfolio for $42m

CBL Properties has sold a self-storage portfolio for $42 million.

The portfolio included self-storage facilities that CBL and its joint-venture partner had developed on available land at CBL’s Mid Rivers Mall in St. Charles, Mo.; Eastgate Mall in Cincinnati; Parkdale Mall in Beaumont, Texas; and Hamilton Place in Chattanooga, Tenn.

“The sale of this portfolio is a great example of the types of value-creation opportunities we are pursuing across our portfolio,” said Stephen Lebovitz, CEO of CBL Properties. “We developed these assets with less than $300,000 of cash invested, utilizing existing land as our equity. Within three years of starting this program, we are able to take advantage of terrific pricing and monetize the assets to provide additional cash for the company.”