CBL sells two Michigan malls for $66.5 million

CBL & Associates announced it has completed a $66.5 million sale of two malls in Michigan — The Lakes in Muskegon and the Fashion Square Mall in Saginaw. The identity of the buyer was not disclosed.



CBL president and CEO Stephen Lebovitz said the Michigan sales were part of a long-term plan to move to a portfolio of higher quality, higher-growth portfolios.



“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,” Lebovitz said.

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