Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.