CBL Closes $67M Michigan Retail Sale

The two shopping malls, located in Saginaw and Muskegon, Mich., were sold to a private buyer at a hefty price.

By Ioana Neamt

Fashion Square Mall, Saginaw, Mich.
Fashion Square Mall, Saginaw, Mich.

Saginaw and Muskegon, Mich.CBL & Associates Properties has recently closed on the $66.5 million sale of two shopping malls in Michigan. The assets were sold to an undisclosed buyer.

The Fashion Square Mall located in Saginaw, Mich., features more than 100 tenants, including anchors JCPenney, Macy’s and Sears. The mall first opened its doors to shoppers back in 1972, and was acquired by CBL in 2000. The retail sale included the assumption of a $38.2 million loan secured by Fashion Square.

The Lakes Mall in Muskegon, Mich., opened in 2001 and features more than 60 retailers. The 645,677-square-foot mall is currently anchored by Bed Bath & Beyond, Dick’s Sporting Goods, JCPenney, Sears and Younkers.

“This disposition marks another milestone achievement for CBL, having now completed transactions on 11 lower-productivity regional malls since introducing out portfolio transformation strategy in April 2014,” Stephen Lebovitz, president & CEO at CBL, said in a statement. “Over the past two years, we have completed more than $765 million in transactions, including approximately $460 million from regional malls and more than $305 million from selling community centers and other non-core assets.”

Image via Google Street View