First Union Real Estate Equity and Mortgage Investments sold its 547,000-square-foot retail property located in Little Rock, Ark.

The value of the transaction was $77.5 million.

CBL & Associates Properties Inc. purchased the property, which is commonly referred to as Park Plaza Mall. Originally built in 1959, Park Plaza Mall underwent a redevelopment in 1988 that transformed the open-air center into an enclosed regional mall. The three-level mall is located on 22.5 acres at the intersection of two major thoroughfares, Markham Street and University Avenue, less than one half mile from I-630.

Headquartered in Little Rock, Dillard’s anchors Park Plaza Mall with two flagship department stores, including a 198,000-square-foot store on the west and an 86,300-square-foot location on the east side of the center.

The Park Plaza Mall was 82 percent occupied at the time of sale.

Boston-based First Union Real Estate Equity and Mortgage Investments is a real estate investment trust.

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