Development Over 70% Leased Prior to Construction Start
COVINGTON, La. & CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc., (NYSE: CBL) and Stirling Properties
today announced the formation of a 65/35 joint venture to develop
Fremaux Town Center in Slidell, Louisiana. Once complete, the 80+ acre
site will consist of two phases. Phase I will comprise approximately
295,000 square feet with anchors, including Dick’s Sporting Goods,
Michaels, T.J.Maxx, and Kohl’s. Phase II will include up to 300,000
square feet of additional retail space. Construction is set to begin on
Phase I in March of this year, with the grand opening scheduled for the
second quarter of 2014.
“Stirling Properties has a solid reputation as a leading retail
developer in southern Louisiana, and we are pleased to partner with them
on this project,” said Michael Lebovitz, CBL’s Executive Vice President
– Development and Administration. “Fremaux Town Center is well-located
and is already well-leased with an outstanding retail line-up. We are
looking forward to announcing additional retailers as the development
progresses.”
“Stirling Properties is excited about our partnership with CBL &
Associates Properties to develop Fremaux Town Center and believes that
this joint venture brings the best possible team together to build this
project,” said Stirling Properties’ Senior Vice President of
Development, Townsend Underhill. “We believe this site has the
characteristics to become a premier retail shopping destination, and we
are happy to continue our long and successful history of retail
development in the City of Slidell.”
Fremaux Town Center Phase I is currently more than 70% leased with
committed retailers such as Dick’s
Sporting Goods, Michaels,
Kohl’s,
PetSmart,
T.J.Maxx,
LongHorn
Steakhouse, dressbarn,
ULTA
Beauty, Lane
Bryant, Rack
Room Shoes, Best
Buy and Versona
Accessories. Fremaux Town Center will be located on more than 80
acres at the southwest corner of Interstate 10 and Fremaux Avenue in
Slidell, LA. Slidell is the largest municipality in St. Tammany Parish
on the northern shore of Lake Pontchartrain near the city of New
Orleans. The area has experienced significant growth following Hurricane
Katrina. With its interstate location and high-visibility, Fremaux Town
Center is expected to become a regional destination. Stirling will lead
the development of the project and CBL and Stirling will jointly lease
and market the center.
For leasing information, please contact Ryan
Pecot by telephone at 337.572.0246 or by email at rpecot@stirlingprop.com.
About Stirling Properties
A member of the Retail Brokers Network, Stirling Properties is a
regional real estate firm offering comprehensive services in
development; commercial brokerage; property and asset management;
investment sales; and property owner and tenant representation. Stirling
Properties’ portfolio includes over 13 million square feet of managed
property and 60 million square feet of commercial properties for sale or
lease. With offices located in Jackson, Mississippi; Baton Rouge,
Lafayette, New Orleans, Metairie, Covington, Hammond, and
Shreveport/Bossier City in Louisiana, Stirling is one of the largest
real estate firms in the Gulf South. Connect with Stirling Properties on
the web at www.stirlingproperties.com,
“like” us at facebook.com/stirlingproperties,
follow us @StirlingProp on twitter.com/StirlingProp
or subscribe to our Stirling
Insights blog.
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 interest in
or manages 163 properties, including 95 regional malls/open-air centers.
The properties are located in 27 states and total 91.8 million square
feet including 9.4 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.
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" incorporated by reference therein, for a
discussion of such risks and uncertainties.
CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Senior
Vice President - Investor Relations and Corporate Investments
katie_reinsmidt@cblproperties.com
Source: CBL & Associates Properties, Inc.