CBL Properties Celebrates Multiple New Store Openings; Sees Sustained Tenant Demand and a Strong Redevelopment Project Pipeline

CBL Properties (NYSE:CBL) today announced that during the first half of 2023 the Company celebrated multiple new store openings as a result of sustained tenant demand at its properties and its active redevelopment pipeline.

Year-to-date in 2023, CBL has welcomed several new stores across its portfolio. Notable additions include Warby Parker and American Eagle at Friendly Center in Greensboro, North Carolina; Box Lunch at Parkway Place in Huntsville, Alabama; six new Daily Thread store locations; and two new spa and wellness offerings: Sugaring NYC at CoolSprings Crossing in Nashville, Tennessee, and Face Foundrie at Kirkwood Mall in Bismarck, North Dakota. In addition, CBL signed new leases with Anthropologie, Athleta, Offline by Aerie, Kate Spade, Palmetto Moon, Five Below, J. Crew Factory, and Windsor, all of which will open in the CBL portfolio in the coming months. CBL has also signed a number of leases with non-retail uses like Coastal Golf Academy and Pure Barre, as well as restaurants like Stacked by Pancake Pantry and La Vallarta Sports Bar.

“I am pleased with the success of our leasing efforts given the caliber of tenants that opened across our portfolio in the first half of 2023,” said Stephen Lebovitz, chief executive officer, CBL Properties. “We’re continuing to experience demand from a wide array of tenants, which will add value and enhance the customer experience at CBL’s properties.”

This year, CBL has celebrated the completion of four redevelopment projects, bringing new in-demand tenants to its properties. In Minot, North Dakota, at Dakota Square, Tilt replaced a former Scheel’s, which had previously expanded and relocated within the center. Additionally, the redevelopment of the former Herberger’s building made way for the addition of Five Below at Kirkwood Mall in Bismarck, North Dakota. Burlington opened in a former Bed, Bath & Beyond location in York, Pennsylvania. At The Terrace at Hamilton Place in Chattanooga, Tennessee, Nordstrom Rack replaced the former Staples, opening in May.

Lebovitz added, “We are making ongoing progress in upgrading our portfolio through strategic redevelopment projects that diversify the mix of uses, add density, and position our properties for future growth.”

In 2023, CBL has a number of projects underway including Tilt opening in the former Herberger’s location at Kirkwood Mall in Bismarck, North Dakota, and the recently announced Crunch Fitness joining Hamilton Place in the former Sears location. CBL also has three projects underway by third parties that will add new restaurants, entertainment, a hotel, and other uses to our portfolio.

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 94 properties totaling 58.5 million square feet across 22 states, including 56 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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