Chattanooga-based CBL Properties has sold three shopping centers including Rivergate Mall and the Village at Rivergate.
The deal is valued at $176 million. Hendon Properties of Atlanta will now manage Rivergate. A foreign investor will own it.
Included in the transaction is Georgia Square Mall in Athens and Panama City Mall in Florida.
“We are pleased to complete the disposition of these assets, generating substantial equity and demonstrating our continued ability to effectively execute our capital plan,” says CBL president and CEO Stephen Lebovitz in a statement.
CBL has been trying to reduce its own debt load. It sold most of Hickory Hollow Mall for just $1 million last year. It still owns Cool Springs Galleria as well as 150 malls around the country.