CBL & Associates Properties, Inc. (NYSE: CBL) today announced progress on its mall disposition program. CBL closed on the sale of a 75% interest in River Ridge in Lynchburg, VA, to Liberty University. CBL received net cash proceeds of $33.5 million for the interest in River Ridge. CBL retains a 25% ownership position in the asset and is responsible for leasing and management, earning customary fees.
“We are pleased to announce further progress on our mall disposition program with the sale of a majority interest in River Ridge and to enter into a new partnership with Liberty University, an institution that recognizes the excellent value of the property,” said Stephen Lebovitz, CBL’s President & CEO. “The sale marks another milestone achievement in our portfolio transformation strategy. We look forward to continuing this progress throughout the year.”
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