CBL & Associates Properties Inc. officials today said that the Chattanooga-based shopping center developer has sold three malls and related associated centers in a deal worth $176 million in cash.

The properties are Georgia Square Mall and Georgia Square Plaza in Athens, Ga; Panama City Mall and The Shoppes at Panama City in Panama City, Fla.; and Rivergate Mall and Village at Rivergate in Nashville. The properties were purchased by an offshore investor with an Atlanta-based partner, Hendon Properties, who will also lease and manage the malls.

"We are pleased to complete the disposition of these assets, generating substantial equity and demonstrating our continued ability to effectively execute our capital plan," said Stephen Lebovitz, CBL's chief executive, in a statement.

Net proceeds from the disposition were used to reduce outstanding balances on the company's unsecured lines of credit. The company anticipates a net impact of approximately 2 cents per share to 2013 funds from pperations from the sale of the properties.

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