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CBL Purchases Michigan Mall

LIVONIA, MI-Schostak Bros. has sold the LaurelPark Place mall in Livonia.

By Dan Heaton | Updated on May 02, 2005

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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.

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