CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE: CBL) and its 50% joint venture partner announced today that it has closed on the sale of York Town Center, a dominant open-air retail destination in York, Pennsylvania, for $50.65 million. The transaction was completed at approximately an 8.5% capitalization rate.

“We are pleased to complete the sale of York Town Center at such strong pricing, reflecting the continued investor demand for high-quality retail assets,” commented Stephen D. Lebovitz, Chief Executive Officer of CBL Properties. “This transaction simplifies our structure through the exit of another joint venture. It also advances our capital recycling strategy and allows us to monetize a mature asset while generating meaningful proceeds that can be redeployed into higher-yielding opportunities. The successful sale demonstrates the value embedded within our portfolio and supports our continued focus on maximizing shareholder value.”

About CBL Properties

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 83 properties totaling 54.5 million square feet across 23 states, including 54 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as 20 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included therein, for a discussion of such risks and uncertainties.

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Investor Contact: Katie Reinsmidt, Executive Vice President & Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com
Media Contact: Stacey Keating, Vice President – Corporate Communications, 423.490.8361, Stacey.Keating@cblproperties.com

Source: CBL Properties