Chattanooga, Tenn. — CBL Properties has made significant year-end progress on its strategy to transform its properties through redevelopment and the addition of new uses. In 2019, CBL completed a dozen projects totaling approximately 650,000 square feet, with an additional five projects totaling approximately 490,000 square feet currently under construction.
Each redevelopment plan is unique and customized based on market demand. Strategies range from repurposing expansive parking fields to add new uses such as hotels, restaurants and self‑storage facilities to backfilling anchor vacancies with exciting concepts that resonate with today’s consumers, such as entertainment uses, expanding retailers and non-retail uses such as office or medical.
“We have successfully executed our redevelopment and backfilling strategy in 2019 to strengthen our market-dominant properties by adding new uses, including executed leases with over 825,000 square feet of new-to-market entertainment operators,” says Stephen Lebovitz, chief executive officer, CBL Properties. “We continue to experience strong demand at our centers, attracting tenants such as WhirlyBall, Dave & Buster’s, Round1 Bowling & Amusement, and Main Event; new dining options such as The Cheesecake Factory, Uncle Julio’s and Malone’s; and expanding retailers such as DICK’S Sporting Goods, HomeGoods, Five Below and Ross. Each project creates more opportunities for visitors to enjoy diverse, in-person experiences focused on entertainment and dining coupled with successful retail.”
To date, CBL has commitments for, is under construction on, or has replacements already open for 27 department store vacancies featuring dining, entertainment, fitness and other mixed-used components.
“Replacing former anchor stores is an opportunity to bring newer, more dynamic uses to our properties that will help stabilize income, drive additional traffic and position our properties for future growth,” Lebovitz continues. “Brookfield Square [pictured] is a prime example of our vision, successfully combining retail, entertainment, fitness, dining and a future hotel and conference center. Through the first three quarters of 2019, 74% of our new leasing activity has been with non-apparel tenants, further demonstrating our ability to diversify our tenant mix and reinvent our properties.”
In 2020, CBL will continue to actively execute its redevelopment strategy.
Headquartered in Chattanooga, Tenn., 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 nine properties managed for third parties. For more information, visit www.cblproperties.com.
SOURCE: CBL Properties