CBL Chief Executive Officer Stephen Lebovitz stands in his office overlooking Hamilton Place MallPhoto by Chad McClure
CBL & Associates Properties Inc. officials said today the company plans to sell off about 21 of its shopping centers to boost operating income and upgrade its remaining properties.
Stephen Lebovitz, the Chattanooga-based company’s chief executive, said during a conference call on its outlook that it plans to dispose of the properties within the next 24 to 36 months. He did not identify the centers.
The company that owns both Hamilton Place mall and Northgate Mall in Chattanooga aims to upgrade its overall portfolio and generate more from its upper tier properties, he said. The money from the sales will be used for redevelopment and expansion opportunties.
“Today, we have outlined initiatives that are designed to increase our portfolio weighting to higher-productivity assets,” Lebovitz said in a statement. “We will pursue these opportunities to create value within our existing portfolio through redevelopment and expansion, as well as through new developments and selective acquisitions. We are committed to prudently executing this transformation in a manner that maximizes shareholder value.”
CBL owns, holds interests in or manages 150 properties, including 91 regional malls and open-air centers. The properties are located in 30 states and total 86.9 million square feet including 6.3 million square feet of non-owned shopping centers managed for third parties.
See more in Saturday’s Times Free Press.
Mike Pare, the deputy Business editor at the Chattanooga Times Free Press, has worked at the paper for 27 years. In addition to editing, Mike also writes Business stories and covers Volkswagen, economic development and manufacturing in Chattanooga and the surrounding area. In the past he also has covered higher education. Mike, a native of Fort Lauderdale, Fla., received a bachelor’s degree in communications from Florida Atlantic University. he worked at the Rome News-Tribune before ...