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CBL Properties Announces Sale of Imperial Valley Mall for $38.1 Million

1. CBL Properties sold Imperial Valley Mall for $38.1 million, reducing loan debt. 2. Sale reflects ongoing demand for stable enclosed malls amid changing retail landscapes.

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FAQ

Why Bullish?

The sale enhances liquidity and reduces debt, positively affecting CBL's financial stability.

How important is it?

Reducing debt can attract investors and indicate operational strength amid market challenges.

Why Short Term?

Immediate impact from debt reduction can boost investor confidence temporarily.

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CBL
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced that it had closed on the sale of Imperial Valley Mall in El Centro, CA, for $38.1 million, all cash. The property served as collateral under CBL's non-recourse term loan. Net proceeds from the sale were applied to the term loan principal balance, which after closing, was reduced to $630.8 million. “We are pleased to complete the sale of Imperial Valley Mall, another demonstration of the demand for stable enclosed ma.

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