CBL Properties to Open 825,000 Square Feet of New-to-Market Entertainment Concepts Across Its Portfolio
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Sep 24, 2019--
CBL Properties (NYSE:CBL) today announced that it has executed leases with entertainment users for approximately 825,000 square feet. The new leases are located at more than a dozen properties, and all of the new stores are scheduled to open by 2021, including two that opened in early 2019 and four that will open by the end of the year.
“The consumer demand to add family-friendly entertainment at our market-dominant centers has increased dramatically over the last few years,” said Stephen Lebovitz, chief executive officer, CBL Properties. “We are answering that demand by incorporating these exciting new uses into our properties as part of redevelopment projects or through the consolidation of in-line space.”
Lebovitz added, “These new users facilitate the transformation of our properties from traditional, retail-based enclosed malls to mixed use, experiential suburban town centers. When these entertainment users are looking to enter our markets, our properties stand out because they offer the best locations, access, visibility and critical mass in their respective markets.”
The scope of entertainment users that CBL is adding to its portfolio include nationally known names like Round1 Bowling & Amusement, Dave & Buster’s and Main Event as well as regional operators such as WhirlyBall and High Caliber Karting & Entertainment. CBL is also adding casinos as part of anchor redevelopment projects at two properties in Pennsylvania.
Announcements about individual projects will be made as plans and construction timelines 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 108 properties totaling 68.2 million square feet across 26 states, including 68 high‑quality enclosed, outlet and open-air retail centers and 9 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, 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
KEYWORD: TENNESSEE UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY REIT
SOURCE: CBL Properties
Copyright Business Wire 2019.
PUB: 09/24/2019 09:00 AM/DISC: 09/24/2019 09:01 AM