Latest news with #CBLProperties
Yahoo
6 days ago
- Business
- Yahoo
South Mississippi's largest shopping center has been sold. Here's what we know
The biggest shopping center in South Mississippi has a new owner. CBL Properties announced Monday it has sold The Promenade in D'Iberville. The news release didn't disclose who bought the shopping center and there is no indication of a new website or Facebook page. The purchase price was $83.1 million. Headquartered in Chattanooga, Tennessee, CBL Properties opened The Promenade in 2009, bringing much-welcomed stores to South Mississippi four years after Hurricane Katrina closed many favorite shopping options. Anchored by the first Target in South Mississippi, the 621,000-square-foot 'entertainment center' is a mix of stores like Dick's Sporting Goods, Kohl's, Best Buy, PetSmart and Old Navy, and restaurants such as Buffalo Wild Wings and Olive Garden. With the sale finalized, a new tenant might be secured for the former Red Lobster restaurant from among the national restaurant chains that have expressed interest through the city's planning and development department. The outparcels where Red Lobster and some of the other restaurants are located had to legally be replatted, said D'Iberville City Manager Bobby Weaver. It's unknown if those parcels are part of the new ownership. 'The Promenade disposition was completed at an attractive 8.5% cap rate, providing a meaningful demonstration of the tremendous value of CBL's open-air portfolio, which has gone unrecognized by the market,' Stephen Lebovitz, CBL's CEO, said in a statement. CBL owns and manages 87 properties across 20 states, including malls, outlet centers and open-air centers. Transforming D'Iberville The Promenade grew D'Iberville into a retail powerhouse after Hurricane Katrina and brought traffic, new roads, several new car dealerships and more development to the city that now has the third highest sales tax revenue in South Mississippi after Gulfport and Biloxi. Groundbreaking for The Promenade came in July 2008 after CBL & Associates Properties and Forum Development Group from Atlanta acquired 72 acres northwest of the Interstate 10 and 110 intersection. 'We believe The Promenade will serve to revitalize the area and create a much needed retail hub and service district for the D'Iberville community,' said Stephen Lebovitz, president of CBL & Associates Properties. The projections were for 1,000 jobs and more than $185 million in annual retail sales. The tenants weren't yet identified by the time ground was broken, but Geoffrey Smith, vice president of development for CBL & Associates Properties, and he said the community 'will not be disappointed. The Promenade will be anchored by many of our nation's most popular shopping and dining destinations.' Traffic every weekend The developers and city of D'Iberville began building a five-lane road to connect The Promenade to the shopping centers on Sangani Boulevard. But traffic grew much faster than the roads could handle, and traffic was jammed every weekend and holiday. D'Iberville extended more than $18 million in tax increment financing, or TIF bonds for The Promenade. They were repaid with tax revenue generated by the project, to help the developer pay for infrastructure and new roads, including The Promenade Parkway that winds through the shopping center. The Mississippi Department of Transportation spent about $120 million to add new exit and entrance ramps from the interstates and Mayor Rusty Quave said MDOT wanted the city to chip in $30 million to improve the roads in D'Iberville. Traffic eased when the new exits were built, a 'fly-over' bridge completed in 2013 connected The Promenade with Sangani shopping centers, and a diverging diamond intersection completed in 2015 gave a second entrance to the shopping center. The city had Walmart and the shops along Sangani that were the catalyst for retail growth after Katrina, and Weaver said The Promenade 'put us at a great position of economic vitality.' The city gets a tax diversion from the state of more than $10.5 million every year for the last three or four years. Highs and lows The 2009 opening of The Promenade came as the country was in a recession, but it didn't seem to curtail sales at the stores and restaurants. By 2010, the first Black Friday for the new Kohl's store at The Promenade, a 3 a.m. opening before most other stores paid off big, with long lines at the checkouts. People camped all night outside Best Buy at The Promenade, and the lines wrapped around the building at Target before the doors opened at 4 a.m. In 2011, cracks began to appear in the floors of some stores at The Promenade and in large patches of parking-lot blacktop. CBL declined comment, but then D'Iberville City Manager Michael Janus said the company has been very forthcoming with city officials about the problem they didn't cause. 'There is a rumor that The Promenade is sinking and there's no truth to that,' he said. 'It's quite the opposite. It's heaving.' The problems were found to be the result of a Louisiana company providing fill material that caused the soil to heave and slabs to crack. Lawsuits were filed to collect some of the damages. Construction continued at the east side of The Promenade to add Ashley Home Furniture, Burlington and other stores. 'The Promenade seems to stay full of tenants, and if someone does move out, they've got somebody locked in,' Weaver said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-07-2025
- Business
- Yahoo
CBL Properties Announces Sale of The Promenade in D'Iberville, MS
Attractive all-cash transaction validates significant value of CBL's open-air portfolio CHATTANOOGA, Tenn., July 21, 2025--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced that it had closed on the sale of The Promenade, a 621,000-square-foot open-air center located in D'Iberville, MS, for $83.1 million. "The Promenade disposition was completed at an attractive 8.5% cap rate, providing a meaningful demonstration of the tremendous value of CBL's open-air portfolio, which has gone unrecognized by the market," commented Stephen D. Lebovitz, CBL's Chief Executive Officer. "The sale generates significant cash proceeds that we intend to put to work at higher cash yields as part of our portfolio optimization strategy. This strategy allows us to harvest undervalued assets in our portfolio and reinvest the cash to grow NOI, FFO and cash flow. We have identified additional opportunities to implement this strategy where we can monetize non-core assets at attractive values and generate capital for higher yield investments. Our goals are to strengthen our portfolio, leverage our operating platform, scale, and expertise, and significantly enhance shareholder value." About CBL PropertiesHeadquartered 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 87 properties totaling 53.9 million square feet across 20 states, including 52 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 Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties. CBL_Corp View source version on Contacts Investor Contact:Katie ReinsmidtExecutive Vice President & Chief Operating Media Contact:Stacey KeatingVice President – Corporate
Business Wire
21-07-2025
- Business
- Business Wire
CBL Properties Announces Sale of The Promenade in D'Iberville, MS
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced that it had closed on the sale of The Promenade, a 621,000-square-foot open-air center located in D'Iberville, MS, for $83.1 million. 'The Promenade disposition was completed at an attractive 8.5% cap rate, providing a meaningful demonstration of the tremendous value of CBL's open-air portfolio, which has gone unrecognized by the market,' commented Stephen D. Lebovitz, CBL's Chief Executive Officer. 'The sale generates significant cash proceeds that we intend to put to work at higher cash yields as part of our portfolio optimization strategy. This strategy allows us to harvest undervalued assets in our portfolio and reinvest the cash to grow NOI, FFO and cash flow. We have identified additional opportunities to implement this strategy where we can monetize non-core assets at attractive values and generate capital for higher yield investments. Our goals are to strengthen our portfolio, leverage our operating platform, scale, and expertise, and significantly enhance shareholder value.' 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 87 properties totaling 53.9 million square feet across 20 states, including 52 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 Information included herein contains 'forward-looking statements' within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' included therein, for a discussion of such risks and uncertainties. CBL_Corp
Globe and Mail
08-07-2025
- Business
- Globe and Mail
CBL Properties Announces New $78.0 Million Non-Recourse Loan Secured by Cross Creek Mall in Fayetteville, NC
CBL Properties (NYSE:CBL) today announced that it had closed on a $78.0 million non-recourse loan secured by Cross Creek Mall in Fayetteville, NC. The new five-year loan bears a fixed interest rate of 6.856%. Proceeds from the loan were used to retire the existing $81.9 million loan secured by the property, which bore an interest rate of 8.19% and was scheduled to mature in August 2025. 'Accessing the CMBS markets for this new loan is an important accomplishment and demonstrates the appeal of our dominant, middle-market mall properties to institutional lenders,' said Stephen D. Lebovitz, CBL's Chief Executive Officer. 'Cross Creek Mall exemplifies the strength of our portfolio, with sales of over $480 per square foot and a 99% occupancy rate. This financing milestone marks another successful step forward in our non-recourse strategy - enhancing our balance sheet by extending debt maturities, lowering interest expense, and, importantly, unlocking greater free cash flow through a less restrictive loan structure.' 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 88 properties totaling 55.4 million square feet across 20 states, including 52 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 Information included herein contains 'forward-looking statements' within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' included therein, for a discussion of such risks and uncertainties.
Associated Press
08-07-2025
- Business
- Associated Press
CBL Properties Announces New $78.0 Million Non-Recourse Loan Secured by Cross Creek Mall in Fayetteville, NC
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Jul 8, 2025-- CBL Properties (NYSE:CBL) today announced that it had closed on a $78.0 million non-recourse loan secured by Cross Creek Mall in Fayetteville, NC. The new five-year loan bears a fixed interest rate of 6.856%. Proceeds from the loan were used to retire the existing $81.9 million loan secured by the property, which bore an interest rate of 8.19% and was scheduled to mature in August 2025. 'Accessing the CMBS markets for this new loan is an important accomplishment and demonstrates the appeal of our dominant, middle-market mall properties to institutional lenders,' said Stephen D. Lebovitz, CBL's Chief Executive Officer. 'Cross Creek Mall exemplifies the strength of our portfolio, with sales of over $480 per square foot and a 99% occupancy rate. This financing milestone marks another successful step forward in our non-recourse strategy - enhancing our balance sheet by extending debt maturities, lowering interest expense, and, importantly, unlocking greater free cash flow through a less restrictive loan structure.' 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 88 properties totaling 55.4 million square feet across 20 states, including 52 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 Information included herein contains 'forward-looking statements' within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' included therein, for a discussion of such risks and uncertainties. CBL_Corp View source version on Investor Contact: Katie Reinsmidt, Executive Vice President & Chief Operating Officer, 423.490.8301,[email protected] KEYWORD: UNITED STATES NORTH AMERICA TENNESSEE INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY DEPARTMENT STORES OTHER RETAIL FINANCE REIT PROFESSIONAL SERVICES RESTAURANT/BAR OTHER CONSTRUCTION & PROPERTY RETAIL SOURCE: CBL Properties Copyright Business Wire 2025. PUB: 07/08/2025 02:00 PM/DISC: 07/08/2025 02:00 PM
