CBL Properties and Benchmark Group closed the sale of Hammock Landing, a 397,000-square-foot open-air retail center in West Melbourne, for $78.5 million. The transaction includes the assumption of a $43.8 million loan. Stephen D. Lebovitz, CBL’s CEO, said the 8% cap rate sale reinforces the value of the company’s open-air properties. The deal aligns with CBL’s strategy to recycle capital into higher-yielding opportunities. The sale’s proceeds nearly matched the equity CBL used earlier this year to buy Gateway Mall. The transaction generated $26 million in cash for CBL. Hammock Landing’s tenants include Target, Kohl’s, Michaels, and Petco. The center is located at 1850 W. New Haven Ave. in West Melbourne. The sale comes as CBL continues to adjust its portfolio, prioritizing assets that offer stronger returns. Lebovitz emphasized the sale supports the company’s focus on redeploying funds into projects with better long-term growth potential. The deal is expected to impact local retail dynamics, though no immediate changes to tenant operations are reported. CBL’s move reflects broader trends in commercial real estate, where developers are shifting toward mixed-use and high-yield properties. The sale is the latest in a series of transactions by CBL to optimize its holdings in Brevard County.