CBL Properties, along with Benchmark Group, has closed on the sale of Hammock Landing, a 397,000 square-foot open-air center in West Melbourne, FL, for $78.5 million, including the assumption of the $43.8 million loan.
“The sale of Hammock Landing at an 8% cap rate further validates the value within CBL’s open-air portfolio,” commented Stephen D. Lebovitz, CBL’s Chief Executive Officer. “The transaction provides an attractive source of equity and advances our capital recycling strategy as we redeploy proceeds into higher-yielding opportunities. Notably, the proceeds from Hammock Landing effectively matched the equity required to acquire Gateway Mall earlier this year.”
The transaction brings CBL’s generated cash proceeds to nearly $26 million.
Hammock Landing tenants include Target, Kohl’s Department Store, Michaels, Petco, and more.
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