CBL & Associates Properties Inc. announced today it will add home retailer West Elm at its Friendly Center in Greensboro, N.C. as part of a new 12,709-square-foot self-development project.
West Elm will occupy approximately 9,000 square feet of the total expansion, which also includes Pieology Pizzeria and an additional soon-to-be-named retailer.
"West Elm will not only enhance the center by delivering a great retail name, but also demonstrates our commitment to investing in the property's continued growth," CBL President Stephen Lebovitz said.
West Elm's location at Friendly Center will be the first in the CBL portfolio, joining other top Friendly Center exclusive names such as lululemon, Anthropologie and Altar'd State.
Lebovitz said the addition of West Elm underscores CBL's commitment to bringing high-end, new-to-market retailers to centers.
Today's announcement comes a day after CBL announced it was selling much of its stake in another retail center in North Carolina - the Triangle Town Center and Commons in Raleigh, N.C. CBL will continue to manage the Triangle Town Center and maintain a 10 percent ownership stake along with
DRA Advisors LLC, which will own 90 percent of the mall property. CBL previously owned half of the Raleigh center.
Lebovitz said last week CBL is being transformed as a company by selling lower-yielding properties to pay down debt and invest in other, more profitable properties.
CBL stock is trading lower today along with the overall stock market decline. CBL stock well below $10 per share this morning for the first time since 2009.