CBL Properties has successfully sold Imperial Valley Mall in El Centro for $38.1 million in an all-cash transaction. The buyer’s identity remains undisclosed for the 761,000-square-foot regional mall, which was CBL’s only property on the West Coast.
The mall first opened its doors in 2005 and served as collateral under CBL’s non-recourse term loan. The proceeds from this sale were used to pay off a portion of the principal balance on the term loan, bringing it down to $680.3 million after closing.
CEO Stephen D. Lebovitz of Chattanooga-based company CBL expressed satisfaction with completing this sale and highlighted how it reflects strong demand for stable enclosed malls like Imperial Valley Mall. He also mentioned that this transaction puts them on track to meet their non-recourse term loan extension test without needing any additional capital beyond required amortization by November 2025.
Furthermore, Lebovitz emphasized how these recent transactions have significantly strengthened their balance sheet by reducing total debt and extending their maturity schedule.
This marks CBL’s exit from the West Coast market with confidence and success through strategic financial decisions such as this one involving Imperial Valley Mall.
