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CHATTANOOGA, TN-Locally based CBL& Associates PropertiesInc. is following through with a strategically planned dispositionof five shopping centers in four states totaling 1.3 million sf toGalileo America LLC. The $106.5-million price equates to $81.92 persf and represents a cap rate of 7.5%. The deal is scheduled toclose in May.

Sale proceeds will be used in a 1031 like-kind exchange for theLayton Hills Mall in Layton, UT, acquired by CBL in November 2005,says CBL president Stephen Lebovitz.

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