CBL Consolidates in Chattanooga - Analyst Blog
October 03 2011 - 4:49AM
Zacks
CBL & Associates Properties, Inc. (CBL)
recently announced that it has signed an agreement to acquire
Northgate Mall in Chattanooga, TN, for $11.5 million. The
transaction is expected to close by October, 6 2011.
Northgate Mall is an 823,000-square-foot regional mall located
in CBL’s hometown of Chattanooga. The mall is strategically located
with easy accessibility and greater visibility and is currently
91.0% leased. Following the closure of this transaction, CBL plans
to reinvigorate the property through redevelopments, which may
include the addition of junior anchor stores and restaurants.
This transaction is expected to enhance the company’s position
in its hometown, Chattanooga. The company is undertaking various
initiatives to make the property best positioned to meet the
growing retail demand. Chattanooga has been experiencing tremendous
growth with several major new employers entering this area.
CBL also owns and manages Hamilton Place Mall, a
1.3-million-square-foot dominant super-regional enclosed mall as
well as five associated centers and two office buildings, including
its headquarters, in the Chattanooga market.
Headquartered in Chattanooga, TN, 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 totaling 85.3 million square
feet.
CBLcurrently retains a Zacks #3 Rank, which translates into a
short-term Hold rating. We are also maintaining our long-term
Neutral recommendation on the stock. One of its competitors,
Simon Property Group Inc (SPG) also holds a Zacks
#3 Rank.
CBL&ASSOC PPTYS (CBL): Free Stock Analysis Report
SIMON PROPERTY (SPG): Free Stock Analysis Report
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