**CBL Properties Sells Imperial Valley Mall for $38.1 Million**
CBL Properties has finalized the all-cash sale of Imperial Valley Mall in El Centro for $38.1 million. The buyer of the 761,000-square-foot regional mall—the company’s only West Coast property—was not disclosed.
Opened in 2005, the mall was used as collateral under CBL’s non-recourse term loan. The net proceeds from the sale were applied to the loan’s principal balance, reducing it to $680.3 million after closing.
“We are pleased to complete the sale of Imperial Valley Mall, another demonstration of the demand for stable enclosed malls,” said Stephen D. Lebovitz, CEO of Chattanooga, TN-based CBL. “This transaction puts us on course to meet the non-recourse term loan principal balance extension test in November 2025 without contributing further capital beyond required amortization. Our balance sheet has strengthened significantly through this and other recent transactions, reducing total debt and lengthening our maturity schedule.”
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