Stephen Lebovitz of CBLCBL & Associates Properties Inc. plans to sell 21 of its shopping malls, about a quarter of its nationwide holdings, in an effort to upgrade its remaining properties and boost the Chattanooga company’s income.
Stephen Lebovitz, CBL’s chief executive, said Friday that the company plans to divest the properties within the next 24 to 36 months. He didn’t identify the centers, but neither Hamilton Place mall nor Northgate Mall in Chattanooga are on the list of properties it plans to sell.
CBL has divided its mall holdings into three tiers, and the 21 units it has identified for sale are generally the least-performing, according to the company.
CBL aims to upgrade the remainder of its portfolio and generate more income from its upper-tier properties, he said. The money from the sales will be used for redevelopment and expansion opportunities, Lebovitz said.
“We are fully committed to executing a strategic plan to transform our portfolio to a higher level of sustainable growth,” he said.