CBL Properties Makes Significant Progress on Its Redevelopment Program to Transform Properties into Suburban Town Centers
December 04 2018 - 9:00AM
Business Wire
CBL Properties (NYSE:CBL) today announced significant progress
on its redevelopment program to transform its properties into
suburban town centers through the addition of dynamic new uses.
“In 2018, we have executed redevelopments across the portfolio,
effectively transforming our properties through the addition of new
in-demand uses. Recent examples include entertainment offerings
such as Dave & Buster’s, Round1 Bowling & Entertainment and
Flix Brewhouse; new dining options such as The Cheesecake Factory
and Portillo’s; fitness uses such as O2 Fitness and Gold’s Gym, as
well as value-oriented retailers including HomeGoods, Five Below
and Marshalls,” commented Stephen Lebovitz, chief executive
officer, CBL Properties. “The success of our redevelopment program
over the last year demonstrates the excellent demand for our
properties and our ability to meet the ever-changing needs of our
consumers.”
Over the course of 2018, CBL will complete nine redevelopment
projects totaling approximately 260,000 square feet, including the
first Round1 Bowling & Entertainment in the CBL portfolio at
Jefferson Mall in Louisville, Kentucky. Additionally, CBL has
started construction on three projects totaling approximately
258,000 square feet, including a transformative redevelopment of
Brookfield Square in Milwaukee, Wisconsin, that will bring
BistroPlex by Marcus Theaters, Chicago-based entertainment
operator, WhirlyBall, restaurants, a fitness use and a hotel and
conference center to the property.
Lebovitz added, “We are adding innovative uses such as
supermarkets and casinos to replace former department stores
spaces. The addition of hotels, residential and storage facilities
in under-utilized parking fields through joint-venture partnerships
serves to densify our properties and diversify our income stream.
In 2019, we will start off on a strong note with the commencement
of construction on the redevelopment of the former Sears at
Hamilton Place in Chattanooga, Tennessee, that includes Dave &
Buster’s, additional retail, a boutique-style hotel and an office
component. We anticipate announcing a number of additional
redevelopment projects as details are finalized.”
CBL has also been successful in replacing anchor stores that
require little to no investment by CBL. Two of these replacements
are already open and operating while four other projects will begin
construction in 2019.
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
114 properties totaling 71.9 million square feet across 26 states,
including 73 high-quality enclosed, outlet and open-air retail
centers and 12 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.
Information included herein contains "forward-looking
statements" within the meaning of the federal securities
laws. Such statements are inherently subject to risks and
uncertainties, many of which cannot be predicted with accuracy and
some of which might not even be anticipated. Future events and
actual events, financial and otherwise, may differ materially from
the events and results discussed in the forward-looking
statements. The reader is directed to the Company's various
filings with the Securities and Exchange Commission, including
without limitation the Company's Annual Report on Form 10-K, and
the "Management's Discussion and Analysis of Financial Condition
and Results of Operations" included therein, for a discussion of
such risks and uncertainties.
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version on businesswire.com: https://www.businesswire.com/news/home/20181204005235/en/
Investor Contact:Katie Reinsmidt, 423-490-8301EVP & Chief
Investment OfficerKatie.Reinsmidt@cblproperties.comMedia
Contact:Stacey Keating, 423-490-8361Director of Public
RelationsStacey.Keating@cblproperties.com
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