CHATTANOOGA, Tenn.--(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181204005235/en/
Investor Contact:
Katie Reinsmidt, 423-490-8301
EVP & Chief
Investment Officer
Katie.Reinsmidt@cblproperties.com
Media
Contact:
Stacey Keating, 423-490-8361
Director of Public
Relations
Stacey.Keating@cblproperties.com
Source: CBL Properties