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CBL Signs Off on $107M Galileo Deal

CHATTANOOGA-The company sold five community shopping centers to Galileo America for $106.5 million to pay off an earlier transaction. The centers in the deal are in Pennsylvania, Alabama, Florida and Massachusetts.

By Ian Ritter | Updated on May 08, 2006

CHATTANOOGA-Mall owner CBL & Associates has closed a deal to sell five community shopping centers to Galileo America LLC for $106.5 million. The deal represents a cap rate of 7.5%.

Proceeds from the sale will be used to pay a $102.9-million term loan on Layton Hills Mall, in Layton, UT. CBL acquired that 672,000-sf center in November.

The centers sold to Galileo are Wilkes-Barre (PA) Township Marketplace; Springdale Center in Mobile, AL; Fashion Square in Orange Park, FL; Cobblestone Village at Royal Palm in West Palm Beach, FL; and Chicopee Marketplace in Chicopee, MA. The Pennsylvania and Alabama properties were priced at $63 million and are part of the total sale price of $106.5 million.

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