CBL Properties (NYSE:CBL) has sold the Pittsburgh-area of Monroeville Mall and Annex in for $34 million in an all-cash transaction with an unnamed buyer.
The Monroeville, Pennsylvania-based mall opened in 1969 with 1.15 million square feet of space and was renovated in 2003; it the largest shopping complex in Western Pennsylvania based on square footage. According to the Pittsburgh Post-Gazette, the company bought the mail in 2004 for $231.2 million.
“The sale of Monroeville Mall is a great example of the resilient value of well-located real estate in a dynamic market,” said CBL CEO Stephen D. Lebovitz. “This transaction allows us to focus efforts on higher productivity properties, generates significant cash proceeds and further reduces leverage.”
Approximately $7.1 million of the net proceeds was utilized to reduce the outstanding principal of the company’s outparcel and open-air center loan to $333.0 million, allowing for the release of a collateral parcel as part of the sale.
Photo by Avicennasis / Wikimedia Commons
