Monday, January 30, 2017

CBL Acquires Five Sears Stores for Future Redevelopment Through Sale-Leaseback

Image result for sears brookfield squareCBL & Associates Properties, Inc. today announced that it has closed on a sale-leaseback transaction for five Sears department stores and two Sears Auto Centers located at CBL malls, providing CBL with control of these locations for future redevelopment.

CBL has acquired the locations for a total consideration of $72.5 million. Sears will continue to operate the department stores under new 10-year leases. Under the terms of the leases, CBL will receive aggregate initial base rent of approximately $5.075 million, with Sears also responsible for paying common area maintenance charges, taxes, insurance and utilities.. . . more

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