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California  + Retail  | 

CBL Exits West Coast with Sale of Imperial Valley Mall

CBL Properties has closed on the all-cash sale of Imperial Valley Mall in El Centro for $38.1 million. The buyer was not disclosed for the 761,000-square-foot regional mall, CBL’s only West Coast property.

Opened in 2005, the mall served as collateral under CBL’s non-recourse term loan. Net proceeds from the sale were applied to the term loan principal balance, which after closing was reduced to $680.3 million.

“We are pleased to complete the sale of Imperial Valley Mall, another demonstration of the demand for stable enclosed malls,” said Stephen D. Lebovitz, CEO of Chattanooga, TN-based CBL. “This transaction puts us on course to meet the non-recourse term loan principal balance extension test in November 2025 without contributing further capital beyond required amortization. Our balance sheet has strengthened significantly through this and other recent transactions, reducing total debt and lengthening our maturity schedule.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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