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

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.