CBL Properties and Benchmark Group have completed the sale of Hammock Landing, a 397,000-square-foot open-air retail center in West Melbourne, FL. The property traded for $78.5 million, a price that includes the buyer’s assumption of an existing $43.8 million loan secured by the asset.
CBL’s chief executive officer, Stephen D. Lebovitz, described the disposition as occurring at an 8% cap rate and noted that it underscores the value embedded in the company’s open-air retail portfolio. He indicated that the transaction is part of an ongoing capital recycling strategy in which CBL sells selected assets and reallocates capital to what it views as higher-yielding investments.
Lebovitz added that proceeds from Hammock Landing provide a meaningful source of equity for the company. According to his comments, the cash generated from this sale closely aligns with the equity CBL needed earlier in the year to acquire Gateway Mall, highlighting how the firm is sequencing dispositions and acquisitions to support its broader portfolio strategy.
Following the closing of Hammock Landing, CBL reports that it has generated nearly $26 million in cash proceeds. The figure reflects the cash realized after accounting for the assumed debt and other transaction-related considerations tied to the sale.
Hammock Landing is anchored by a lineup of national retailers. Reported tenants at the open-air center include Target, Kohl’s Department Store, Michaels, and Petco, among others. The tenant mix positions the property as a sizable regional retail destination within its trade area, combining big-box anchors with additional space for complementary retailers.
The sale with loan assumption, the stated cap rate, and the redeployment of equity into another acquisition collectively illustrate how CBL and its partner are using selective dispositions to support portfolio optimization and balance sheet objectives within the retail sector.
