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Article: CBL & Associates Properties Acquires Laurel Park Place in Livonia, MI.
- Article from:
- Business Wire
- Article date:
- May 3, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHATTANOOGA, Tenn. -- CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it has entered into an agreement to acquire a 70% joint venture interest in Laurel Park Place in Livonia (Detroit), MI, from Schostak Brothers & Company. The Company acquired the interest for a total consideration of $82.2 million ($50.9 million represents debt held by the joint venture to which the property is subject), including closing costs. CBL will receive a preferred return on its equity equal to 100% of the property's net cash flow. The Company has also retained the right to purchase the remaining joint venture interest for $14.0 million in cash or Special Common Units (SCUs) ...
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