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CBL Properties has sold Monroeville Mall and its Annex in Monroeville, Pa., for $34 million. Walmart bought the retail assets totaling 1.2 million square feet, according to CBS News. JLL worked on behalf of the seller, while CBRE Senior Vice President Tom Flynn represented the buyer.

CBL used approximately $7.1 million of the net proceeds to lower the outstanding principal of its outparcel and open-air center loan to $333 million. The deal enabled the release of a collateral parcel.

The retail center traded at an 86 percent discount from its previous sale. CBL had acquired the shopping mall in 2004 for $231.2 million and the transaction included the assumption of a $134 million fixed-rate, non-recourse loan, The Chattanoogan reported at the time.