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CBL Properties has sold Imperial Valley Mall in El Centro, Calif., for $38.1 million in an all-cash deal. Completed in 2005, the regional mall measures about 761,000 square feet.

Anchored by Macy’s, JCPenney and Dillard’s, the retail asset also has an anchor vacancy where Sears used to be. The property also features a Cinemark movie theater and a number of inline stores.

The sale was a financial play for CBL. The property served as collateral for the firm’s non-recourse term loan, and proceeds from the sale were applied to the term loan principal balance, which was thus reduced to $680.3 million.