Sears Sells Mall Developer

Sears, Roebuck and Co. will collect $2.3 billion from two buyersfor the sale of its shopping mall and office development arm, HomartDevelopment Co.

The proceeds were more than most analysts had expected at thetime the company announced the talks in mid-June.

Chicago-based Sears said it reached a final agreement to sellHomart's retail shopping center and community center businesses toGeneral Growth Properties Inc. of Des Moines.

Sears had previously announced it was working on a transactionwith General Growth.

Sears also said it completed the closing of the sale ofHomart's commercial office building portfolio to an operatingpartnership including …