CBL Sells Two Regional Malls in Michigan for $66.5 Million

The Lakes mall, located in Muskegon, Michigan, is home to tenants including JC Penney, Sears and Younkers. (Photo courtesy of thelakesmall.com) The Lakes mall, located in Muskegon, Michigan, is home to tenants including JC Penney, Sears and Younkers. (Photo courtesy of thelakesmall.com)

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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