Business
CBL Properties Announces Sale of Imperial Valley Mall for $38.1 Million
CHATTANOOGA, Tenn., February 17, 2025--CBL Properties (NYSE:CBL) today announced that it had closed on the sale of Imperial Valley Mall in El Centro, CA, for $38.1 million, all cash. The property served as collateral under CBL’s non-recourse term loan. Net proceeds from the sale were applied to the term loan principal balance, which after closing, was reduced to $630.8 million.
About this update from Cbl & Associates Properties, Inc.
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":760,"height":290,"url":"https://media.zenfs.com/en/business-wire.com/11af971292a8d27ecf3a120d36988192"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/MH1v1NAVpwj_QmBwwQKgZQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTM2NjtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/11af971292a8d27ecf3a120d36988192","width":760,"height":290},"lightbox":{"url":"https://s.yimg.com/ny/api/res/1.2/2uHbbsEjsInZpuFftiAdCw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTE1MjA7aD01ODA7Y2Y9d2VicA--/https://media.zenfs.com/en/business-wire.com/11af971292a8d27ecf3a120d36988192","width":760,"height":290}},"lazy":false},{"type":"text","content":"CHATTANOOGA, Tenn., February 17, 2025--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced that it had closed on the sale of Imperial Valley Mall in El Centro, CA, for $38.1 million, all cash. The property served as collateral under CBL’s non-recourse term loan. Net proceeds from the sale were applied to the term loan principal balance, which after closing, was reduced to $630.8 million.","length":397,"tagName":"p"},{"type":"text","content":""We are pleased to complete the sale of Imperial Valley Mall, another demonstration of the demand for stable enclosed malls," commented Stephen D. Lebovitz, CBL’s Chief Executive Officer. "This transaction puts us on course to meet the non-recourse term loan principal balance extension test in November 2025 without contributing further capital beyond required amortization. Our balance sheet has strengthened significantly through this and other recent transactions, reducing total debt and lengthening our maturity schedule."","length":548,"tagName":"p"},{"type":"text","content":"About CBL Properties","length":20,"tagName":"p"},{"type":"text","content":"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 88 properties totaling 55.4 million square feet across 20 states, including 53 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 act...