CHATTANOOGA, TN—Shopping center REIT CBL & AssociatesProperties Inc. said Monday that it had closed on a sale-leasebacktransaction for five Sears department stores and two Sears AutoCenters located at CBL malls. The deal will provide CBL withcontrol of these locations for future redevelopment.
CBL paid a total of $72.5 million for the five locations. Theyinclude the Sears parcels at Cross Creek Mall in Fayetteville, NC;Brookfield Square in Brookfield, WI; Hamilton Place Mall inChattanooga, TN; Eastgate Mall in Cincinnati; and Jefferson Mall inLouisville. The two acquired Sears Auto Centers are located atNorthgate 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.
