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SAGINAW AND MUSKEGON, MICH. — CBL & Associates Properties Inc. has sold two shopping malls in Michigan for $66.5 million. The private buyer was undisclosed. The properties include the 901,181-square-foot Fashion Square Mall in Saginaw and the 645,677-square-foot The Lakes in Muskegon. The sale price included the assumption of a $38.2 million loan secured by the Fashion Square Mall. CBL & Associates is an owner and developer of malls and shopping centers throughout the United States.