Search
 

Five Retail Centers Trade for Nearly $107M

CHATTANOOGA, TN-The $106.5-million deal is scheduled to close in May and will be the final transaction locally based CBL & Associates Properties Inc. will be doing with Galileo. The total 1.3 million sf of shopping center space in four states will be sold for about $81.92 per sf.

By Alex Finkelstein | Updated on April 28, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.