CBL Sells Two Regional Malls in Michigan for $66.5 Million

by Katie Sloan

Saginaw and Muskegon, Mich. — CBL & Associates Properties Inc. has sold two regional malls located in Michigan to an undisclosed private buyer for $66.5 million.

Dispositions include Fashion Square Mall in Saginaw and The Lakes in Muskegon. The sale of the properties included the assumption of a $38.2 million loan secured by Fashion Square. Net proceeds from the sale were used to reduce outstanding balances on the company’s lines of credit. 

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