Stephen Lebovitz Of CBL Properties Sells Hammock Landing Retail Center For $78.5M In West Melbourne

CBL Properties sold a 397,000-square-foot open-air retail center located at 205 Palm Bay Road Northeast in West Melbourne, Florida, for a total of $78.5 million. The property's price per square foot is $198.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $78,500,000
• Seller: Stephen Lebovitz - CBL Properties
• Assumed Loan: $43,800,000
• Cash Proceeds: $26,000,000
• Cap Rate: 8%

This transaction involved CEO Stephen D. Lebovitz, who indicated that the proceeds from this sale will contribute to the acquisition of Gateway Mall, aligning with CBL's ongoing asset rotation strategy.