CBL Properties Announces Sale of The Promenade in D’Iberville, MS

D’IBERVILLE, Miss. (WXXV) — CBL Properties announced that it has closed on the $83.1 million sale of The Promenade, a 621,000-square-foot open-air center in D’Iberville.

It is unclear who the buyer is, but D’Iberville City Manager Bobby Weaver says the city is hoping to hear from the new owners soon, and potentially sit down with the company to discuss their intentions with the shopping center.

Since CBL opened The Promenade in 2009, people from all over the region have come out to take advantage of the popular shops and restaurants that call the Gateway City home. That includes Target, Best Buy, Olive Garden, and dozens more.

The city says they were unaware of the deal until CBL announced the sale on Tuesday morning, but they are excited to work with the company in the near future.

“The Promenade disposition was completed at an attractive 8.5% cap rate, providing a meaningful demonstration of the tremendous value of CBL’s open-air portfolio, which has gone unrecognized by the market,” commented Stephen D. Lebovitz, CBL’s Chief Executive Officer.

“The sale generates significant cash proceeds that we intend to put to work at higher cash yields as part of our portfolio optimization strategy. This strategy allows us to harvest undervalued assets in our portfolio and reinvest the cash to grow NOI, FFO and cash flow. We have identified additional opportunities to implement this strategy where we can monetize non-core assets at attractive values and generate capital for higher yield investments. Our goals are to strengthen our portfolio, leverage our operating platform, scale, and expertise, and significantly enhance shareholder value.”

We will provide updates as more information becomes available.