CBL Snags 7 Sears Outposts for RedevelopmentBy
Chattanooga, Tenn.—CBL & Associates Properties Inc. takes a big step forward in its redevelopment program with the acquisition of seven Sears retail locations at CBL malls in the South and Midwest. The company purchased five department stores totaling 900,000 square feet and two Sears Auto Centers from the retail giant in a sale-leaseback transaction valued at an aggregate $72.5 million.
“We are pro-actively transforming our market-dominant shopping centers to meet the changing preferences of consumers. This transaction provides CBL with the opportunity to redevelop prime real estate and attract exciting new uses at some of our best shopping centers,” Stephen Lebovitz, president & CEO of CBL & Associates Properties, said in a prepared statement…
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