SAGINAW TOWNSHIP, MI — A private buyer has purchased Saginaw County's Fashion Square Mall, according to a press release.
The mall was sold along with The Lakes in Muskegon by CBL & Associates Properties Inc. for an aggregate price of $66.5 million, including the assumption of a $38.2 million loan secured by Fashion Square, according to a CBL news release.
Lakes Mall in Muskegon County sold to private buyer
The press release did not indicate what entity purchased the malls. The Saginaw News could not immediately reach Fashion Square Mall officials for comment on Tuesday, July 26.
Net proceeds from the sale were used to reduce outstanding balances on the company's lines of credit, the release states.
"Both Fashion Square and The Lakes are great centers and play an important role in their respective communities," said CBL's Director of Public Relations Stacey Keating.
"Shoppers should see no immediate changes and can continue to expect the same great experience."
More new stores coming to Fashion Square Mall
Fashion Square Mall is located at the intersection of Bay and Tittabawassee in Saginaw Township. Its anchor tenants are JCPenney, Macy's and Sears. Other tenants include Finish Line, Express, PacSun, Bath & Body Works, The Children's Place, francesca's and Hot Topic.
"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," Stephen D. Lebovitz, CBL's president and CEO, said in a statement.
Fashion retailer H&M coming to Saginaw's Fashion Square Mall
CBL, which is based on Chattanooga, Tennessee, owns, holds interests in or manages 145 properties, including 89 regional malls/open-air centers in 31 states, including the Midland Mall.
"Over the past two years, we have completed more than $765 million in transactions, including approximately $460 million from regional malls and more than $305 million from selling community centers and other non-core assets," Lebovitz stated. "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."
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