Saginaw mall sold to private buyer - WNEM TV 5

Saginaw mall sold to private buyer

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(Source: WNEM) (Source: WNEM)

Fashion Square Mall in Saginaw has a new owner.

The mall was sold along with another regional mall to an unidentified private buyer for $66.5 million.

Fashion Square is considered a tier-3 mall, worth $285 dollars per square foot.

However, that number is much cheaper now than it was when it was appraised, in 2012.

The mall was previously owned by CBL & Associated Properties Inc. Net proceeds from the sale were used to reduce the company’s debt, according to a press release.

Over the past two years, CBL has sold 11 other low-performing malls in the region. 

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