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CHATTANOOGA, TN-Locally based CBL& Associates Properties Inc. is following through with a strategically planned disposition of five shopping centers in four states totaling 1.3 million sf to Galileo America LLC. The $106.5-million price equates to $81.92 per sf and represents a cap rate of 7.5%. The deal is scheduled to close in May.

Sale proceeds will be used in a 1031 like-kind exchange for the Layton Hills Mall in Layton, UT, acquired by CBL in November 2005, says CBL president Stephen Lebovitz.

"We are pleased to enter into the final phase of our relationship with Galileo, which will allow us to reap significant tax savings from deploying the proceeds into a 1031 exchange," Lebovitz says in a prepared statement. "This transaction firmly illustrates our commitment to maximizing value for our shareholders."