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CHATTANOOGA-Mall owner CBL & Associates has closed a deal to sell five community shopping centers to Galileo America LLC for $106.5 million. The deal represents a cap rate of 7.5%.

Proceeds from the sale will be used to pay a $102.9-million term loan on Layton Hills Mall, in Layton, UT. CBL acquired that 672,000-sf center in November.

The centers sold to Galileo are Wilkes-Barre (PA) Township Marketplace; Springdale Center in Mobile, AL; Fashion Square in Orange Park, FL; Cobblestone Village at Royal Palm in West Palm Beach, FL; and Chicopee Marketplace in Chicopee, MA. The Pennsylvania and Alabama properties were priced at $63 million and are part of the total sale price of $106.5 million.

The deal marks the end of CBL’s relationship with Galileo. Galileo America LLC was formed in late 2003 by CBL and Galileo America Inc., a US-based REIT owned by Galileo Shopping America Trust, an Australian shopping-center owner. At that time, CBL contributed 90% of its ownership interest in 51 power and community centers to the trust in a deal valued at about $516 million.

CBL owns, holds interests in or manages 132 retail properties, including 79 regional malls and open-air shopping centers. Earlier this month the company’s management announced that it is building Milford (CT) Marketplace, a 112,000-sf lifestyle center.

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