Chattanooga, Tenn. — CBL & Associates Properties has closed on the sale of three malls and three related associated centers in a portfolio transaction for a gross sale price of $176 million in cash. The properties include Georgia Square Mall and Georgia Square Plaza in Athens, Ga.; Panama City Mall and The Shoppes at Panama City in Panama City, Fla.; and Rivergate Mall and Village at Rivergate in Nashville, Tenn. An offshore investor in partnership with Atlanta-based Hendon Properties purchased to properties. Hendon will lease and manage the malls. Jones Lang LaSalle represented CBL in the transaction.
CBL used the net proceeds from the disposition to reduce outstanding balances on unsecured lines of credit. The company anticipates a net impact of approximately $0.02 per share to 2013 funds from operations (FFO) from the sale of the properties.