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Stephen Lebovitz Of CBL Properties Acquires Retail Portfolio From Christopher Conlon Of Washington Prime Group For $178.9M

Property Image
SOLD
$178,900,000
Christopher Conlon
Stephen Lebovitz

National

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Retail420,000 SF
Sold 07/30/2025
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Property Image
SOLD

Stephen Lebovitz Of CBL Properties Acquires Retail Portfolio From Christopher Conlon Of Washington Prime Group For $178.9M

Retail420,000 SF
Sold 07/30/2025
Christopher Conlon
Stephen Lebovitz
the dealplayerscompscontact
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Summary

Asset Type:Retail
Price Per Square Foot:$426
Total Square Footage:420,000 SF
Transaction Type:Sale

The asset involved in this transaction is a retail portfolio consisting of four enclosed regional malls located in Ocala, Florida; Ashland, Kentucky; Grand Junction, Colorado; and Missoula, Montana. The sale price for this portfolio is $178,900,000, encompassing a total square footage of 420,000, which translates to a price per square foot of $426.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $178,900,000
  • Buyer: Stephen Lebovitz - CBL Properties
  • Seller: Christopher Conlon - Washington Prime Group
  • Loan Amount: $110,000,000

Stephen Lebovitz is representing CBL Properties in the acquisition while Christopher Conlon represents Washington Prime Group in this transaction. The acquisition aligns with CBL Properties' strategy to focus on mid-tier malls in growing markets, further supported by the loan modification intended to enhance their portfolio.

Players

Stephen Lebovitz
Stephen Lebovitz
3 deals$682.4M volume
BUYER
Christopher Conlon
Washington Prime Group
Christopher Conlon
10 deals$591.2M volume
SELLER

Details

SOLD
IMAGE: Christopher Conlon & Stephen Lebovitz DATE: 07/30/2025 ADDRESS: Retail Portfolio MARKET: Ocala, Florida; Ashland, Kentucky; Grand Junction & Colorado; Missoula, Montana ASSET TYPE: Retail BUYER: Stephen Lebovitz - CBL Properties SELLER: Christopher Conlon - Washington Prime Group SALE PRICE: $178,900,000 SF: 420,000 ~ PPSF: $426 NOTE: CBL Properties has acquired four enclosed regional malls for $178.9 million from Washington Prime Group, including centers in Kentucky, Colorado, Florida, and Montana. The acquisition aligns with CBL’s strategy to focus on successful, mid-tier malls in growing middle markets, and will be supported by a $110 million loan modification to enhance its portfolio.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$9,541,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$635,593.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$848,077.27
Annual Debt Service$10,176,927.25