CBL Properties Anchor Replacement & Redevelopment Program Transforms Portfolio Through Addition of Wide Range of Uses & Exper...

Date : 08/12/2019 @ 3:00PM
Source : Business Wire
Stock : CBL and Associates Properties Inc (CBL)
Quote : 1.06  0.01 (0.95%) @ 8:19PM
CBL and Associates Prope... share price Chart

CBL Properties Anchor Replacement & Redevelopment Program Transforms Portfolio Through Addition of Wide Range of Uses & Exper...

CBL and Associates Prope... (NYSE:CBL)
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CBL Properties (NYSE:CBL) today announced significant progress on its anchor replacement and redevelopment program, with 24 former anchor spaces committed or under construction, including eight already open and six slated to open before year end. Through these anchor replacements, CBL is successfully transforming its properties by adding a wide range of uses and experiences, such as entertainment, value retail, multi-family, hotels, office and grocery. These new uses complement the existing offerings, drive new traffic and sales and strengthen each property’s competitive position in its markets.

“The success of our anchor replacement program to date reflects the strong demand we are experiencing at our properties,” said Stephen Lebovitz, chief executive officer, CBL Properties. “Our vision of transforming our properties from traditional enclosed malls to suburban town centers is coming to fruition through the addition of new entertainment uses such as WhirlyBall, Dave & Buster’s and Main Event; fitness uses such as TruFit and O2 Fitness; and other non‑traditional uses like casinos, office, hotels, grocery and multi-family.”

Later this year, we will celebrate the completion of six redevelopment projects, including:

  • WhirlyBall, Movie Tavern by Marcus, Outback Steakhouse and other restaurants and shops at Brookfield Square in Milwaukee, Wisconsin;
  • Shoprite supermarket at Stroud Mall in Stroudsburg, Pennsylvania;
  • Dunham’s Sports at Laurel Park Place in Livonia, Michigan;
  • High Caliber Karting & Entertainment at Meridian Mall in Lansing, Michigan;
  • HomeGoods at Kentucky Oaks Mall in Paducah, Kentucky; and
  • Ross Dress for Less at Dakota Square Mall in Minot, North Dakota.

CBL also has several other exciting new uses under negotiation for various locations in its portfolio. Additional announcements will be made as plans are finalized.

About CBL Properties

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s portfolio is comprised of 113 properties totaling 70.6 million square feet across 26 states, including 70 high‑quality enclosed, outlet and open-air retail centers and 10 properties managed for third parties. CBL continuously strengthens its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

Investor Contact: Katie Reinsmidt, Executive Vice President & Chief Investment Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com Media Contact: Stacey Keating, Director of Public Relations & Corporate Communications, 423.490.8361, Stacey.Keating@cblproperties.com

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