Boston, MA 05/15/2014 (wallstreetpr) – CBL & Associates Properties, Inc. (NYSE:CBL) on May 8, 2014 announced that the company has almost zeroed in on selling the Lakeshore Mall located in Sebring, Florida. The buyer of this mall is a private owner, a developer from BV Belk Properties and the deal was finalised for $14.0 million.
Words from CBL & Associates Properties’ President and CEO
The President and CEO of CBL & Associates Properties, Inc. (NYSE:CBL), Stephen Lebovitz told that he was glad to move ahead in the strategic objective of the company by selling Lakeshore Mall. Kris Cooper of Jones Lang LaSalle and Margaret Caldwell have already represented CBL & Associates Properties in the transaction.
New Owners’ plans to improve the Mall
The new owners of The Lakeshore Mall have already started the survey of this mall for making necessary improvements. The North Carolina based BV Belk Properties, new owners of this mall, have a target of painting the mall inside and outside. Also, they are planning for new landscaping and lighting.
BV Belk compares The Lakeshore Mall project with the other mall that was bought by him in the year 2004 in Memphis, Tennessee. He explained that a facelift on that mall made it one of the most trafficked malls in Memphis, Tennessee.
BV Belk Properties has its three-phase plan for refurbishing, upgrading and invigorating The Lakeshore Mall.
The Lakeshore Mall
- The Lakeshore Mall is an enclosed shopping mall in Sebring, Florida, the U.S.
- The mall started in the year 1992 and is spread over a retail space area of 495,972 square feet.
- It comprises of five anchor stores as well, which include Sears, Kmart, Bealls, Belk and J.C. Penney.
- The Lakeshore Mall has remained a center of attraction of various retail builders.
- Plaza By The Mall is another mall built adjacent to this one.
