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.
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