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LIVONIA, MI-Schostak Bros. & Co. has sold theLaurel Park Place mall in Livonia to a national REIT.The Southfield-based development and property companysaid it sold the 870,000-sf mall to CBL & Associatesof Chattanooga, TN, one of the largest mallreal-estate investment trusts in North America.President Robert Schostak would not reveal the saleprice. Laurel Park Place had a full market value ofjust over $28 million, according to a 2005 report bythe Livonia assessor's office. The mall has 75 stores.

Schostak said the center is a "very successfulproperty that has had tremendous consumer acceptanceand terrific sales growth every year since itsopening." He added that the company plans to grow its retail portfolio in the area, and that the sale is "not an exit strategy."

Among Schostak's current properties in the Detroitarea are Merchants Row in Detroit, the DetroitArtillery Armory, Wonderland Mall in Livonia andMacomb Mall in Roseville. The Macomb Mall was on the market for a short timelast year, but Schostak decided to hold on to thatproperty.With the addition of the 54-acre Laurel Park Place,CBL now owns or manages 167 properties in 29 states,including 70 enclosed malls.