CBL & Associates Sells Georgia Square Mall and Other Properties

Georgia Square Mall was one of three malls and associated centers sold for $176 million in cash in a portfolio transaction, the company's website says.

Other properties were the Panama City Mall and The Shoppes at Panama City in Panama City, FL; and Rivergate Mall and Village at Rivergate in Nashville, TN. An An offshore investor with an Atlanta-based partner, Hendon Properties, bought the properties. Hendon will also lease and manage the malls.

Net proceeds from the disposition helped reduce outstanding balances on the company’s unsecured lines of credit, the website says. 

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