ATLANTA—A three-mall portfolio has changed hands. Tennessee-based CBL & Associates Properties sold the portfolio, which includes Rivergate Mall & Village at Rivergate, Panama City Mall & Shoppes at Panama City, and Georgia Square Mall & Georgia Square Theater, to an offshore investor with an Atlanta-based partner, Hendon Properties. The sale price was $176 million.

Jones Lang LaSalle managing directors Margaret Caldwell and Kris Cooper led the team on this transaction. Hendon will lease and manage the malls.

“Investment into the retail sector continues to increase in the U.S. driven by a surge in domestic and foreign investor interest,” says Caldwell. “There's no shortage of equity chasing quality retail properties, as evident by the sale of these three assets.”