Rivergate Mall Sold To Foreign Investor

CBL will now be managed by Atlanta-based Hendon Properties after being purchased by an "off shore investor," according to a company release. Credit: CBL
Rivergate Mall will now be managed by Atlanta-based Hendon Properties after being purchased by an “off shore investor,” according to a company release. Credit: CBL

Chattanooga-based CBL Properties has sold three shopping centers including Rivergate Mall and the Village at Rivergate.

The deal is valued at $176 million. Hendon Properties of Atlanta will now manage Rivergate. A foreign investor will own it.

Included in the transaction is Georgia Square Mall in Athens and Panama City Mall in Florida.

“We are pleased to complete the disposition of these assets, generating substantial equity and demonstrating our continued ability to effectively execute our capital plan,” says CBL president and CEO Stephen Lebovitz in a statement.

CBL has been trying to reduce its own debt load. It sold most of Hickory Hollow Mall for just $1 million last year. It still owns Cool Springs Galleria as well as 150 malls around the country.

Blake Farmer

Blake Farmer is WPLN's assistant news director, but he wears many hats - reporter, editor and host. He covers the Tennessee state capitol while also keeping an eye on Fort Campbell and business trends, frequently contributing to national programs. Born in Tennessee and educated in Texas, Blake has called Nashville home for most of his life.
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