CBL Properties (NYSE: CBL) completed the sale of Hammock Landing, a 397,000 square-foot open-air shopping center in West Melbourne, Florida, for $78.5 million. The transaction included the assumption of a $43.8 million loan by the buyer.

The real estate investment trust conducted the sale alongside a joint venture partner. Combined with a first quarter sale of related infrastructure bonds, the transactions generated approximately $26 million in cash proceeds for CBL.

The sale achieved an 8% capitalization rate, according to Stephen D. Lebovitz, CBL's chief executive officer. He stated the transaction "provides an attractive source of equity and advances our capital recycling strategy as we redeploy proceeds into higher-yielding opportunities."

Lebovitz noted that proceeds from the Hammock Landing sale matched the equity required for CBL's acquisition of Gateway Mall earlier this year, though specific details about that transaction were not provided.

CBL Properties, headquartered in Chattanooga, Tennessee, owns and manages 87 properties totaling 55.1 million square feet across 23 states. The portfolio includes 55 enclosed malls, outlet centers and lifestyle retail centers, plus more than 20 open-air centers and other assets.

The information was disclosed in a company press release statement.