Firm sells mall
A mall in the region has been sold.
The Lakes Mall in Muskegon, at 5600 Harvey St., was sold to a private real estate investment company in Great Neck, New York, Nadmar Realty Group, along with Fashion Square Mall in Saginaw.
The two malls were sold for a total of $66.5 million.
The deal was last week by Chattanooga, Tennessee-based CBL & Associates Properties, the seller.
CBL will use the proceeds to pay off outstanding balances.
CBL has completed more than $765 million in transactions in the past two years, including $460 million from regional malls, according to CBL President and CEO Stephen Lebovitz.
“This disposition marks another milestone achievement for CBL, having now completed transactions on 11 lower-productivity regional malls, since introducing our portfolio transformation strategy in April 2014,” Lebovitz said. “Today, CBL operates with a higher quality, higher-growth portfolio and a markedly improved balance sheet. We look forward to continuing the momentum as we make further progress in our transformation strategy.”
The buyer, Namdar Realty Group, owns several other Michigan properties, including Cedar Village Marketplace in Holland.
Namdar Realty Group owns more than 15 million square feet of commercial space in the U.S.