CBL & Associates Properties Inc. has announced the successful sale of The Promenade, a 621,000-square-foot open-air center located in D'Iberville, Mississippi, for $83.1 million. This all-cash transaction was completed at an attractive 8.5% cap rate, underscoring the significant value of CBL's open-air portfolio. Stephen D. Lebovitz, CEO of CBL, highlighted that the sale aligns with the company's portfolio optimization strategy, allowing them to reinvest the proceeds into higher yield opportunities. This strategic move aims to strengthen CBL's portfolio, enhance shareholder value, and leverage the company's operating platform and expertise.
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