CBL Properties closes on sale of interest in Fremaux Town Center

CBL Properties announced that it had closed on the sale of its interest in Fremaux Town Center, a roughly 640,000-square-foot open-air center located in Slidell, LA, to its joint venture partner, Stirling. CBL received net cash proceeds of $30.77M and eliminated $35.0M of property-specific debt. The transaction represented an 8.2% cap rate. “We’re pleased to complete the sale of our interest in Fremaux Town Center at attractive pricing that highlights the significant and underappreciated value of our open-air portfolio. This transaction simplifies our ownership structure by reducing joint venture exposure. It also generates cash proceeds to pursue higher-yield opportunities, including future acquisitions and share repurchase activity,” said CEO Stephen Lebovitz.