Lynchburg, Va. — CBL & Associates Properties Inc. has sold the majority interest in River Ridge, a 764,243-square-foot regional mall located in Lynchburg, to Liberty University.
CBL received net cash proceeds of $33.5 million for a 75 percent interest in the mall. CBL retains a 25 percent ownership in the asset, and is responsible for leasing and management.
“The new partnership between CBL and Liberty University has a strong vision for the future of River Ridge,” says Stephen Lebovitz, president and CEO of CBL. “The former Sears location provides a great opportunity to elevate the entire center through redevelopment of underutilized space, bringing new in-demand retail, entertainment and restaurants to the market.”