Excerpted from CoStar News story.
Earlier this week, Chattanooga, Tennessee-based CBL Properties, a publicly traded real estate investment trust, announced that it had sold in Madison, Mississippi. Hendon Properties based in Atlanta purchased the 216,000-square-foot shopping center for $31.75 million, or about $147 per square foot, in an all-cash deal.
While CBL is using the funds from the sale to provide liquidity to help support redevelopment opportunities and debt reduction, Franklin Street
, the brokerage firm that represented the seller in the transaction, stated in a press release that Hendon Properties "plans to hold the asset as a long-term investment and focus on developing the remaining vacant parcels on the property."
For the Record: John Tennant
and Bryan Belk
with Franklin Street
represented the seller in negotiations. For additional information regarding this transaction, please refer to CoStar COMPS #4816121. For full story, visit www.costar.com.