The largest shopping center along the Mississippi Gulf Coast has been sold.
CBL Properties, the company that owned The Promenade in D’Iberville, announced that the 621,000-square-foot open-air mall sold for $83.1 million. The Chattanooga, Tenn.-based company, which owns more than 80 malls and open-air venues, did not disclose who the buyer was.
“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,” a portion of a statement from CBL Chief Executive Officer Stephen D. Lebovitz reads.
“The sale generates significant cash proceeds that we intend to put to work at higher cash yields as part of our portfolio optimization strategy.”
The Promenade opened in 2009 amid early restoration efforts on the Coast following Hurricane Katrina. The popular shopping destination hosts retailers like Target, Best Buy, Dick’s Sporting Goods, Marshalls, and ULTA, along with restaurants like Chick-fil-A, Newk’s Eatery, and Olive Garden.
