Exterior of Cross Creek Mall The deal includes five Sears locations, including the one at CBL’s Cross Creek Mall in Fayetteville, NC. (Photo: Dincher)

CHATTANOOGA, TN—Shopping center REIT CBL & Associates Properties Inc. said Monday that it had closed on a sale-leaseback transaction for five Sears department stores and two Sears Auto Centers located at CBL malls. The deal will provide CBL with control of these locations for future redevelopment.

CBL paid a total of $72.5 million for the five locations. They include the Sears parcels at Cross Creek Mall in Fayetteville, NC; Brookfield Square in Brookfield, WI; Hamilton Place Mall in Chattanooga, TN; Eastgate Mall in Cincinnati; and Jefferson Mall in Louisville. The two acquired Sears Auto Centers are located at Northgate Mall in Chattanooga and Volusia Mall in Daytona, FL.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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