Imperial Valley Mall Sold for $38.1 Million in All-Cash Deal
EL CENTRO, Calif. - CBL Properties has announced the sale of Imperial Valley Mall for $38.1 million in an all-cash transaction. The sale, which closed on February 17, reduces the company non-recourse term loan principal balance to $630.8 million.
The mall, which has been a key retail hub in El Centro, was used as collateral under CBL’s term loan. According to CBL CEO Stephen D. Lebovitz, the sale is part of a broader strategy to strengthen the company’s financial position and extend its debt maturity schedule.
“We are pleased to complete the sale of Imperial Valley Mall, another demonstration of the demand for stable enclosed malls,” said Lebovitz.”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.”
CBL Expanding Portfolio
CBL Properties, headquartered in Chattanooga, Tennessee, owns and operates a diverse portfolio of retail properties across the U.S. The company portfolio includes 88 properties across 20 states, featuring enclosed malls, outlet centers, and lifestyle retail destinations.
The ownership of the Imperial Valley Mall property has officially changed hands, according to public records, last updated as of 2/19/2025, 11:10 am which were obtained by 760 news. The property, previously owned by Imperial Valley Mall II, L.P., (managed by CBL & Associates). was purchased by IVM Mallco LLC, a Delaware-based limited liability company.
760 News Media spoke with a spokesperson for Peak Corp, a partner in the company, who confirmed that they have plans to expand and renovate the mall in the future. They emphasized that there are no plans to close the mall and reiterated their genuine interest in its long-term success. We will have more details once the official press release is issued, which, according to the spokesperson, is expected in the next few days.
The sales impact on the local economy and future development plans for the property remain to be seen. More details may emerge as the new owner finalizes plans for the site.
For more information, visit CBL Properties.
related stories:
https://www.760news.org/local-news/exclusive-imperial-valley-malls-new-owners-revealed-following-38-million-all-cash-deal-heres-what-we-know