CBL Properties, the parent of two Triad shopping malls, said Monday it has sold two properties for a combined $13.75 million.
The larger of the two transactions involves receiving $8.75 million in gross proceeds for 64 residential units at Pearland Town Center in Pearland, Texas. The buyer is listed as an institutional buyer. The units were developed as part of a mixed-use project that opened in 2008.
The second transaction was gaining $5 million in gross proceeds from the sale of the former Sears building at Harford Mall in Bel Air, Md. SJC plans to utilize the land for a future grocery-anchored redevelopment.
For fiscal 2021, CBL has gained more than $35 million from asset sales.
CBL has gained permission from a U.S. Bankruptcy Court judge to exit Chapter 11 protection. The effective date is projected to be Nov. 1 — the one-year anniversary of when CBL declared bankruptcy.
The company, based in Chattanooga, Tenn., has Hanes Mall in Winston-Salem and Friendly Center in Greensboro in its portfolio.