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CBL & Associates offloads 2 Mich. malls in $66.5M deal

CBL & AssociatesProperties Inc. unloaded a pair of regional malls in Michigan for acombined price of $66.5 million, with the net proceeds used to trim outstandingbalances on its lines of credit.

The FashionSquare Mall in Saginaw and TheLakes in Muskegon were sold to a private buyer, which assumed a $38.2million loan secured by Fashion Square.