CBL Properties Anchor Replacement & Redevelopment Program Transforms Portfolio Through Addition of Wide Range of Uses & Exper...
August 12 2019 - 10:00AM
Business Wire
CBL Properties (NYSE:CBL) today announced significant progress
on its anchor replacement and redevelopment program, with 24 former
anchor spaces committed or under construction, including eight
already open and six slated to open before year end. Through these
anchor replacements, CBL is successfully transforming its
properties by adding a wide range of uses and experiences, such as
entertainment, value retail, multi-family, hotels, office and
grocery. These new uses complement the existing offerings, drive
new traffic and sales and strengthen each property’s competitive
position in its markets.
“The success of our anchor replacement program to date reflects
the strong demand we are experiencing at our properties,” said
Stephen Lebovitz, chief executive officer, CBL Properties. “Our
vision of transforming our properties from traditional enclosed
malls to suburban town centers is coming to fruition through the
addition of new entertainment uses such as WhirlyBall, Dave &
Buster’s and Main Event; fitness uses such as TruFit and O2
Fitness; and other non‑traditional uses like casinos, office,
hotels, grocery and multi-family.”
Later this year, we will celebrate the completion of six
redevelopment projects, including:
- WhirlyBall, Movie Tavern by Marcus, Outback Steakhouse and
other restaurants and shops at Brookfield Square in Milwaukee,
Wisconsin;
- Shoprite supermarket at Stroud Mall in Stroudsburg,
Pennsylvania;
- Dunham’s Sports at Laurel Park Place in Livonia, Michigan;
- High Caliber Karting & Entertainment at Meridian Mall in
Lansing, Michigan;
- HomeGoods at Kentucky Oaks Mall in Paducah, Kentucky; and
- Ross Dress for Less at Dakota Square Mall in Minot, North
Dakota.
CBL also has several other exciting new uses under negotiation
for various locations in its portfolio. Additional announcements
will be made 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
113 properties totaling 70.6 million square feet across 26 states,
including 70 high‑quality enclosed, outlet and open-air retail
centers and 10 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/20190812005062/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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