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CBL & Associates closes $151.5M dispositions

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CBL & Associates closes $151.5M dispositions

CBL & AssociatesProperties Inc. completed two separate dispositions of a retail centerand a community center, valued at $151.5 million.

The company sold the 363,176 square foot, 96%-leased RenaissanceCenter retail property in Durham, N.C., to InvenTrustProperties Corp. for $129.2 million, according to a pair ofApril 4 news releases.

The transaction, which included assumption of a $16 million loanand retirement of a $31.6 million loan at closing, generated net equity of $40.8million for CBL.

Additionally, the company sold the 86,000-square-foot Crossingsat Marshalls Creek community center in Middle Smithfield, Pa., for a net sales priceof $22.3 million. Net proceeds from the transaction were usedto decrease outstanding balances on the company's lines of credit.