Company Announcements

CBL Properties Celebrates Completion of Multiple Redevelopment Projects Across Its Portfolio

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Jul. 13, 2022-- CBL Properties (NYSE:CBL) today announced completed redevelopment projects at Kirkwood Mall in Bismarck, North Dakota; Sunrise Mall in Brownsville, Texas; and Cross Creek Mall in Fayetteville, North Carolina with more planned in the coming months.

“Over the last several years, we have invested in our properties to transform vacant anchor space, underutilized parking lots, and land parcels into new, exciting uses that add value to our properties,” said Stephen Lebovitz, chief executive officer. “During the first half of 2022, we celebrated the addition of new-to-market dining, entertainment, and retail options in locations across our portfolio. The latter half of 2022 will bring more planned openings, including Von Maur at West Towne Mall in Madison, Wisconsin.”

At Dakota Square Mall in Minot, North Dakota an expanded and remodeled SCHEELS store opened in a former Sears building on July 9, featuring 110,000 square-feet of retail and 75 specialty shops. At CBL’s other North Dakota property, Kirkwood Mall in Bismarck, the former Herberger’s parking lot was transformed into pads for Blaze Pizza, Chick-fil-A, Five Guys, Pancheros Mexican Grill, and Thrifty White Pharmacy, all of which were open as of May 2022. The former Sears building and parcel at Cross Creek Mall in Fayetteville, North Carolina were transformed into a Rooms To Go furniture store and LongHorn Steakhouse, which opened in January 2022. Additional plans for the space are currently being finalized and will be announced in the coming months. In Brownsville, Texas, at Sunrise Mall the former Sears was transformed into TruFit, which opened in 2021, and entertainment destination Main Event, which opened in June 2022.

Lebovitz added, “As we look ahead, we see considerable opportunity to add hotels, multi-family, entertainment, medical, restaurants, and other new uses at CBL properties.”

Since 2017, CBL has completed nearly three-dozen anchor redevelopment projects totaling approximately three million square-feet. These projects have significantly diversified the offerings at our properties to include entertainment venues, new dining, retail, hotels, educational facilities, and grocery.

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 owned and managed portfolio is comprised of 95 properties totaling 59.6 million square feet across 24 states, including 57 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

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Investor Contact: Katie Reinsmidt, Executive Vice President & Chief Investment Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com

Media Contact: Stacey Keating, Vice President– Corporate Communications, 423.490.8361, Stacey.Keating@cblproperties.com

Source: CBL Properties