CBL Properties Completes a Dozen Redevelopment Projects in 2019
December 19 2019 - 10:00AM
Business Wire
CBL Properties (NYSE:CBL) today announced significant year-end
progress on its strategy to transform its properties through
redevelopment and the addition of new uses. In 2019, CBL completed
a dozen projects totaling approximately 650,000 square feet, with
an additional five projects totaling approximately 490,000 square
feet currently under construction.
Each redevelopment plan is unique and customized based on market
demand. Strategies range from repurposing expansive parking fields
to add new uses such as hotels, restaurants and self‑storage
facilities to backfilling anchor vacancies with exciting concepts
that resonate with today’s consumers, such as entertainment uses,
expanding retailers and non-retail uses such as office or
medical.
“We have successfully executed our redevelopment and backfilling
strategy in 2019 to strengthen our market-dominant properties by
adding new uses, including executed leases with over 825,000 square
feet of new-to-market entertainment operators,” said Stephen
Lebovitz, chief executive officer, CBL Properties. “We continue to
experience strong demand at our centers, attracting tenants such as
WhirlyBall, Dave & Buster’s, Round1 Bowling & Amusement,
and Main Event; new dining options such as The Cheesecake Factory,
Uncle Julio’s and Malone’s; and expanding retailers such as DICK’S
Sporting Goods, HomeGoods, Five Below and Ross. Each project
creates more opportunities for visitors to enjoy diverse, in-person
experiences focused on entertainment and dining coupled with
successful retail.”
To date, CBL has commitments for, is under construction on, or
has replacements already open for 27 department store vacancies
featuring dining, entertainment, fitness, and other mixed-used
components.
“Replacing former anchor stores is an opportunity to bring
newer, more dynamic uses to our properties that will help stabilize
income, drive additional traffic and position our properties for
future growth,” Lebovitz continued. “Brookfield Square is a prime
example of our vision, successfully combining retail,
entertainment, fitness, dining and a future hotel and conference
center. Through the first three quarters of 2019, 74% of our new
leasing activity has been with non-apparel tenants, further
demonstrating our ability to diversify our tenant mix and reinvent
our properties.”
In 2020, CBL will continue to actively execute its redevelopment
strategy and projects will be announced 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
108 properties totaling 68.2 million square feet across 26 states,
including 68 high‑quality enclosed, outlet and open-air retail
centers and nine 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20191219005146/en/
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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