LIVONIA, MI-CBL & Associates Properties Inc. said this week that it would pay a total consideration of $82.2 million for a 70% stake in the Laurel Park Place mall here, a sale previously reported by GlobeSt.com.
CBL purchased the joint venture interest from metropolitan Detroit developer and property owner Schostak Brothers & Co. CBL said it has also retained the right to purchase the remaining joint venture interest for $14 million.
CBL expects the transaction to close within the next 30 days. "Laurel Park Place is another great opportunity for us to create value through our regional mall expertise," said Stephen Lebovitz, president of Chattanooga, TN-based CBL. He added that the shopping center's location--situated on the corner of a highly trafficked intersection within an affluent Detroit suburb--along with aggressive leasing will enhance the mall's performance.
The 505,000-sf Laurel Park Place has more than 75 stores on 31 acres at the intersection of Six Mile Road and Interstate 275. It is anchored by Parisian's and the areas first Von Maur store. The mall was originally built in 1989 and expanded in 1994. It is currently 85.5% occupied and achieved sales of $409 per sf in 2004. CBL says it is the fourth largest mall REIT in North America.
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