CBL & 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