CBL CBL and Associates Properties Inc

Lifestyle Center Expansion at CherryVale Mall Adds Upscale Retailers and Restaurants to Dominant Shopping Complex CBL & Associates Properties, Inc. (NYSE: CBL) today announced a new lifestyle center addition to CherryVale Mall in Rockford, IL, called "The District at CherryVale." The lifestyle center will feature upscale fashion retailer Coldwater Creek, Granite City Food & Brewery, a national bookstore, along with about ten additional first-class stores and dining options to complement the mall. The multi-million dollar project includes the addition and redevelopment of approximately 82,000 square feet of space on the southwest quadrant of CherryVale Mall near the main mall entrance off Perryville Road. Construction will begin in early 2007 and be completed by the fall. The District at CherryVale will feature an open-air, streetscape setting with unique and eye-catching storefronts, extensive landscaping and pedestrian-friendly walkways. The lifestyle expansion will also have curbside parking for shopper convenience. "We are excited to have Coldwater Creek and Granite City Food & Brewery joining The District at CherryVale," said Stephen Lebovitz, CBL & Associates Properties, Inc., president. "The addition represents another example of CBL's commitment to the community by bringing to the mall the best in retailing today. It also demonstrates CBL's ongoing dedication to growing our lifestyle development pipeline and redeveloping our mall properties with the goal of increasing shareholder value." CherryVale Mall is the dominant regional shopping center located in the heart of the retail market in north central Illinois. CBL acquired the 786,000 square-foot regional mall in 2001. CherryVale Mall opened in 1973 and CBL renovated the mall in 2004. The mall, currently 99% occupied, features four anchors including Bergner's, JCPenney, Marshall Field's and Sears, plus more than 130 national, regional and local specialty stores and restaurants. The shopping complex employs close to 2,000 people and generates more than $160 million annually in retail sales. The mall is located at the intersection of Harrison Avenue and Perryville Road near I-90 and U.S. Bypass 20. For additional information, visit http://shopcherryvalemall.com. The architectural firm of ka architecture, Inc. of Cleveland, OH, is designing the lifestyle expansion at CherryVale Mall. EMJ Corporation of Chattanooga is the general contractor. Persons interested in learning more about leasing space in The District at CherryVale Mall should contact Larry Saunders, Senior Leasing Manager, (423) 553-8770, larry_saunders@cblproperties.com. For restaurant opportunities within the CherryVale Mall shopping complex, interested firms should contact Bryant Siragusa, National Director of Mall Restaurants and Entertainment, (423) 553-8790, bryant_siragusa@cblproperties.com. Businesses interested in outparcel space should contact Larry Champion, Director of Peripheral Property, (423) 490-8365, larry_champion@cblproperties.com. About CBL CBL owns and manages four regional malls in Illinois including CherryVale Mall, plus Eastland Mall in Bloomington, Hickory Point Mall in Decatur and St. Clair Square in Fairview Heights (St. Louis, MO). CBL is one of the largest and most experienced owners and developers of malls and shopping centers in the country. CBL owns, holds interests in or manages 127 properties, including 79 regional malls/open-air centers. The properties are located in 26 states and total 72.7 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has nine projects under construction totaling 2.3 million square feet including Phase II of Gulf Coast Town Center in Fort Myers, FL; two open-air shopping centers; two community centers, two associated centers and two expansions. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA and Dallas, TX. Additional information can be found at http://cblproperties.com. Additional retailers and restaurant information: Coldwater Creek: Founded in 1984, Coldwater Creek is a leading multi-channel retailer of women's apparel, gifts, jewelry and accessories, sold through a growing number of retail stores across the country. To capture the look and feel of the Coldwater Creek brand, the store's interior features slate and soft wood accents, ambient lighting and a signature "wall of water" to create a relaxed, tranquil setting. The atmosphere has been carefully designed to provide an environment where customers can get away from daily routines as they shop for their favorite items. More information can be found at www.coldwatercreek.com. Granite City Food & Brewery: Granite City Food & Brewery Ltd. currently operates 13 Granite City Food & Brewery casual dining restaurants featuring made-from-scratch food and handcrafted beers. Its broad menu offers traditional and regional foods served in generous portions at reasonable prices, affording guests an excellent value and great dining experience. Its first Granite City opened in St. Cloud, MN in June 1999. Subsequently, the company opened restaurants in Sioux Falls, SD, Fargo, ND, Des Moines, Cedar Rapids and Davenport, IA, Lincoln, NE, Maple Grove and Eagan, MN, Wichita, Kansas City and Olathe, KS, and Kansas City, MO.