CBL Properties Makes Significant Progress on Its Redevelopment Program to Transform Properties into Suburban Town Centers
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Dec 4, 2018--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 Bistro Plex 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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CONTACT: Investor Contact:
Katie Reinsmidt, 423-490-8301
EVP & Chief Investment Officer
Stacey Keating, 423-490-8361
Director of Public Relations
KEYWORD: UNITED STATES NORTH AMERICA TENNESSEE
INDUSTRY KEYWORD: REIT CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: CBL Properties
Copyright Business Wire 2018.
PUB: 12/04/2018 09:00 AM/DISC: 12/04/2018 09:01 AM