CBL Properties Makes Significant Progress on Its Redevelopment Program to Transform Properties into Suburban
Town Centers
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.
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20181204005235/en/