CBL Announces Start of Construction on Waynesville Commons in Waynesville, NC

CBL & Associates Properties, Inc. (NYSE: CBL) today announced the start of construction on its newest community center development, Waynesville Commons, a 127,500-square-foot project in Waynesville, NC. Joining the existing Wal*Mart, the development will be anchored by an 85,000-square-foot Belk fashion department store, Michaels, and PetSmart along with 11,000 square feet of specialty stores. Initial site-work is underway with a grand opening scheduled for October 2012.

“Waynesville Commons will address a strong demand for retail in this growing market,” said Michael Lebovitz, executive vice president – development for CBL & Associates Properties, Inc. “We are pleased to introduce two new great stores to the market with Michaels and PetSmart as well as welcome the new larger Belk fashion department store. We are looking forward to celebrating the grand opening next fall.”

Belk will relocate from its current 50,000-square-foot store at Ingles Market to a new 85,000-square-foot store at Waynesville Commons. The new store will incorporate the latest in retail design, lighting, merchandise presentation and décor, and will offer expanded assortments of leading designer and national brands, exclusive Belk private brands, and the latest styles of fashion apparel, shoes and accessories for the whole family, plus top brands of cosmetics and home merchandise.

“We’re pleased to announce the opening of a brand new store at Waynesville Commons to serve the Waynesville community,” said Bill Roberts, chair of the Belk Northern Division based in Raleigh. “Our new location will offer greater convenience for our customers, and the expanded store size will allow us to offer a much wider selection of merchandise with more brands and styles that our customers are looking for. This represents an $8.2 million investment for Belk that will create an exciting new shopping environment designed especially for our customers in Waynesville.”

The current Belk store will continue to operate at Ingles Market until the new store opens next October. Belk expects to add approximately 12 full-time and 10 part-time associates to work at the expanded store. Belk has served the Waynesville community since 1938 and has operated its store at Ingles Market since 1990. Waynesville Commons will be located on a 13-acre site located at the intersection of Interstate 74 and Hyatt Creek Road in Waynesville, NC.

Contact Information

For leasing information for Waynesville Commons, please contact Lewis Hilton by telephone at 423.490.8354 or by email at lewis_hilton@cblproperties.com.

About Belk, Inc.

Charlotte, N.C.-based Belk, Inc. (www.belk.com) is the nation’s largest privately owned mainline department store company with 303 Belk stores located in 16 Southern states. The company was founded in 1888 by William Henry Belk in Monroe, N.C., and is in the third generation of Belk family leadership. Its belk.com Web site offers a wide assortment of fashion apparel, shoes and accessories for the entire family along with top name cosmetics, a wedding registry and a large selection of quality merchandise for the home. To connect with Belk via Facebook, Twitter, blog, mobile phone text messages or by email, go to: Belk Get Connected.

About CBL & Associates Properties, Inc.

CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 158 properties, including 85 regional malls/open-air centers. The properties are located in 27 states and total 85.3 million square feet including 3.6 million square feet of non-owned shopping centers managed for third parties. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO. Additional information can be found at cblproperties.com.

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