One of Mississippi’s largest shopping centers has been sold.

CBL Properties announced it has completed the sale of The Promenade, a 621,000-square-foot open-air shopping center in D’Iberville, Mississippi, for $83.1 million.

The Promenade is arguably the largest shopping center along the Mississippi Gulf Coast and one of the largest in the entire state.

The shopping center played a significant role in the city’s revitalization after Hurricane Katrina. CBL developed it on 72 acres near the I-10 and I-110 intersection. The groundbreaking for The Promenade took place in July 2008. The stores opened in 2009.

The Promenade includes more than 45 stores and restaurants, including Best Buy, Chick-fil-A, Dick’s Sporting Goods, Newk’s Express Cafe, Marshalls, Michael’s, rue21, Target, Olive Garden, and ULTA.

The announcement of the sale did not disclose who the buyer was or what the plans for the development are.

Stephen D. Lebovitz, CBL’s Chief Executive Officer, highlighted the significance of the transaction. “The Promenade disposition was completed at an attractive 8.5% cap rate, providing a meaningful demonstration of the tremendous value of CBL’s open-air portfolio, which has gone unrecognized by the market,” he commented.

Lebovitz noted that the sale generates substantial cash proceeds, which CBL plans to reinvest into higher-yielding opportunities as part of its ongoing portfolio optimization strategy. This approach aims to “harvest undervalued assets” and redeploy capital to boost Net Operating Income (NOI), Funds From Operations (FFO), and overall cash flow.

CBL Properties stated it has identified further prospects to execute this strategy, monetizing non-core assets at favorable valuations to generate capital for more lucrative investments. The company’s overarching goals are to strengthen its portfolio, leverage its operational platform, scale, and expertise, ultimately enhancing shareholder value significantly.