Latest news with #Lebovitz
Globe and Mail
2 days ago
- Business
- Globe and Mail
CBL Properties Acquires Four Dominant Enclosed Regional Malls in Dynamic and Growing Markets for $178.9M
CBL Properties (NYSE:CBL) today announced that it has acquired four dominant enclosed regional malls for $178.9 million from Washington Prime Group. The malls include Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. This acquisition reinforces CBL's position as the preeminent owner and manager of successful enclosed malls in dynamic and growing middle markets. 'We are thrilled to add these four dominant enclosed malls to the CBL portfolio,' said Stephen D. Lebovitz, CEO of CBL Properties. 'Each property fits perfectly within our existing portfolio. They enhance CBL's operating metrics, augmenting sales and occupancy and offer both near- and long-term growth opportunities.' The transaction represents significant progress in the execution of CBL's portfolio optimization strategy – to redeploy proceeds from non-core asset sales into stable and growing assets that generate immediate accretion to CBL's portfolio cash yield. In 2024 and year-to-date in 2025, CBL has completed sales of more than $241 million in non-core malls, open-air centers and outparcels. Most recently, CBL closed the $83.1 million sale of The Promenade, a premier power center in D'Iberville, MS, at an attractive single-digit cap rate. Additional open-air center dispositions are planned for the near-term, which will generate attractively priced capital from an undervalued segment of CBL's portfolio. Lebovitz added, 'This transaction exemplifies our ability to strategically leverage the attractive valuations of our high-quality open-air and outparcel portfolio to fund investments in market-dominant enclosed malls. Each of these newly acquired assets enjoys strong market positioning and both near and long-term growth potential. The acquisition is immediately accretive to CBL's cash flow per share and FFO, and moderately deleveraging to our balance sheet. Additionally, the scalability of our existing platform allows for seamless integration of the properties into our existing portfolio, further enhancing the financial benefits of the transaction. Growing cash flow through our portfolio optimization strategy remains a top priority as we continue to focus on delivering strong returns to our shareholders.' Concurrently with the transaction close, CBL completed a modification and extension of its existing $333.0 million non-recourse outparcel and open-air center loan with Beal Bank USA, which was scheduled to initially mature in June 2027, with one, two-year extension option. The loan was modified to include the acquisition properties, increasing the principal balance by $110.0 million to approximately $443.0 million and providing for a seven-year term, comprised of an initial maturity in October 2030, with one, two-year extension option for a final maturity in October 2032. For the initial five-year term, the new interest-only loan will bear a fixed interest rate of 7.70% on a principal balance of approximately $368.0 million and a floating interest rate of SOFR plus 410 basis points on the remaining balance of approximately $75.0 million. The interest rate on the full principal balance will convert to the floating rate after the initial term. 'We are pleased to further our relationship with Beal Bank through this transaction,' said Ben Jaenicke, EVP - CFO of CBL Properties. 'This financing strengthens our balance sheet by extending our maturities, reducing interest rate risk, and locking in the attractive returns and cash flow generation from the four-mall acquisition.' Matt Hart of CSG Investments, Inc. noted, 'On behalf of our broader team at Beal Bank USA, we are delighted to have this opportunity to expand and extend our support for CBL and their growing portfolio of market-dominant retail properties.' Additional information on the transaction is available in the Investor Relations - Presentations section of CBL's website: CBL Properties - Investor Relations - Reports, Presentations & Webcasts About Ashland Town Center Ashland Town Center is a single-level enclosed regional shopping mall located in Ashland, Kentucky, along U.S. Highway 23 near downtown. Opened in 1989, the mall spans over 420,000 square feet and features more than 70 retailers and restaurants, including major anchors such as JCPenney, Belk (Women & Kids and Men & Home), TJ Maxx, Ulta Beauty, and Five Below. The center has undergone several renovations over the years, including a major redevelopment in the late 2000s that added a new JCPenney prototype store and updated amenities. The mall also includes popular dining options like Olive Garden and Slim Chickens and serves as a dominant retail destination in the region, attracting millions of visitors annually. About Mesa Mall Mesa Mall is the largest indoor shopping center in western Colorado, located in Grand Junction at the intersection of U.S. Highway 6 and 50. Spanning over 733,000 square feet, the mall features more than 120 stores and services, making it the premier retail destination between Denver and Salt Lake City. Anchored by major national retailers including Cabela's, Dillard's, JCPenney, Target, HomeGoods, and Dick's Sporting Goods, Mesa Mall offers a diverse mix of shopping, dining, and entertainment options. Originally developed in 1980, the mall has undergone several redevelopments to modernize its offerings and maintain its dominant position in the market. About Paddock Mall Paddock Mall is a single-level enclosed shopping center located in Ocala, Florida, and is the only enclosed mall in Marion County. Strategically situated on an 82-acre site along State Road 200 near I-75, Paddock Mall serves as a key retail hub for the region. Opened in 1980, the mall spans approximately 550,000 square feet and features over 90 stores and restaurants. Paddock Mall is anchored by JCPenney, Macy's, and Belk, with a fourth anchor space—formerly Sears—under redevelopment as the Paddock Market. About Southgate Mall Southgate Mall is the largest enclosed shopping center in western Montana, located in the vibrant and growing city of Missoula. Strategically situated along U.S. Highway 93 and South Avenue near the University of Montana campus, Southgate Mall has long served as a central retail and entertainment hub for the region. Opened in 1978, the mall spans approximately 546,000 square feet and features over 85 stores and restaurants. It is anchored by AMC Theatres, Scheels All Sports, and Dillard's (Women's and Men & Children) stores. About Beal Bank USA Beal Bank USA (Member FDIC and Equal Housing Lender), headquartered in Las Vegas, Nevada, has assets of approximately $16.9 billion as of June 2025. The Bank has a well-earned reputation as a stable, strongly-capitalized financial institution. 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 89 properties totaling 55.4 million square feet across 22 states, including 55 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.
Business Wire
2 days ago
- Business
- Business Wire
CBL Properties Acquires Four Dominant Enclosed Regional Malls in Dynamic and Growing Markets for $178.9M
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced that it has acquired four dominant enclosed regional malls for $178.9 million from Washington Prime Group. The malls include Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. This acquisition reinforces CBL's position as the preeminent owner and manager of successful enclosed malls in dynamic and growing middle markets. 'We are thrilled to add these four dominant enclosed malls to the CBL portfolio,' said Stephen D. Lebovitz, CEO of CBL Properties. 'Each property fits perfectly within our existing portfolio. They enhance CBL's operating metrics, augmenting sales and occupancy and offer both near- and long-term growth opportunities.' The transaction represents significant progress in the execution of CBL's portfolio optimization strategy – to redeploy proceeds from non-core asset sales into stable and growing assets that generate immediate accretion to CBL's portfolio cash yield. In 2024 and year-to-date in 2025, CBL has completed sales of more than $241 million in non-core malls, open-air centers and outparcels. Most recently, CBL closed the $83.1 million sale of The Promenade, a premier power center in D'Iberville, MS, at an attractive single-digit cap rate. Additional open-air center dispositions are planned for the near-term, which will generate attractively priced capital from an undervalued segment of CBL's portfolio. Lebovitz added, 'This transaction exemplifies our ability to strategically leverage the attractive valuations of our high-quality open-air and outparcel portfolio to fund investments in market-dominant enclosed malls. Each of these newly acquired assets enjoys strong market positioning and both near and long-term growth potential. The acquisition is immediately accretive to CBL's cash flow per share and FFO, and moderately deleveraging to our balance sheet. Additionally, the scalability of our existing platform allows for seamless integration of the properties into our existing portfolio, further enhancing the financial benefits of the transaction. Growing cash flow through our portfolio optimization strategy remains a top priority as we continue to focus on delivering strong returns to our shareholders.' Concurrently with the transaction close, CBL completed a modification and extension of its existing $333.0 million non-recourse outparcel and open-air center loan with Beal Bank USA, which was scheduled to initially mature in June 2027, with one, two-year extension option. The loan was modified to include the acquisition properties, increasing the principal balance by $110.0 million to approximately $443.0 million and providing for a seven-year term, comprised of an initial maturity in October 2030, with one, two-year extension option for a final maturity in October 2032. For the initial five-year term, the new interest-only loan will bear a fixed interest rate of 7.70% on a principal balance of approximately $368.0 million and a floating interest rate of SOFR plus 410 basis points on the remaining balance of approximately $75.0 million. The interest rate on the full principal balance will convert to the floating rate after the initial term. 'We are pleased to further our relationship with Beal Bank through this transaction,' said Ben Jaenicke, EVP - CFO of CBL Properties. 'This financing strengthens our balance sheet by extending our maturities, reducing interest rate risk, and locking in the attractive returns and cash flow generation from the four-mall acquisition.' Matt Hart of CSG Investments, Inc. noted, 'On behalf of our broader team at Beal Bank USA, we are delighted to have this opportunity to expand and extend our support for CBL and their growing portfolio of market-dominant retail properties.' Additional information on the transaction is available in the Investor Relations - Presentations section of CBL's website: CBL Properties - Investor Relations - Reports, Presentations & Webcasts About Ashland Town Center Ashland Town Center is a single-level enclosed regional shopping mall located in Ashland, Kentucky, along U.S. Highway 23 near downtown. Opened in 1989, the mall spans over 420,000 square feet and features more than 70 retailers and restaurants, including major anchors such as JCPenney, Belk (Women & Kids and Men & Home), TJ Maxx, Ulta Beauty, and Five Below. The center has undergone several renovations over the years, including a major redevelopment in the late 2000s that added a new JCPenney prototype store and updated amenities. The mall also includes popular dining options like Olive Garden and Slim Chickens and serves as a dominant retail destination in the region, attracting millions of visitors annually. About Mesa Mall Mesa Mall is the largest indoor shopping center in western Colorado, located in Grand Junction at the intersection of U.S. Highway 6 and 50. Spanning over 733,000 square feet, the mall features more than 120 stores and services, making it the premier retail destination between Denver and Salt Lake City. Anchored by major national retailers including Cabela's, Dillard's, JCPenney, Target, HomeGoods, and Dick's Sporting Goods, Mesa Mall offers a diverse mix of shopping, dining, and entertainment options. Originally developed in 1980, the mall has undergone several redevelopments to modernize its offerings and maintain its dominant position in the market. About Paddock Mall Paddock Mall is a single-level enclosed shopping center located in Ocala, Florida, and is the only enclosed mall in Marion County. Strategically situated on an 82-acre site along State Road 200 near I-75, Paddock Mall serves as a key retail hub for the region. Opened in 1980, the mall spans approximately 550,000 square feet and features over 90 stores and restaurants. Paddock Mall is anchored by JCPenney, Macy's, and Belk, with a fourth anchor space—formerly Sears—under redevelopment as the Paddock Market. About Southgate Mall Southgate Mall is the largest enclosed shopping center in western Montana, located in the vibrant and growing city of Missoula. Strategically situated along U.S. Highway 93 and South Avenue near the University of Montana campus, Southgate Mall has long served as a central retail and entertainment hub for the region. Opened in 1978, the mall spans approximately 546,000 square feet and features over 85 stores and restaurants. It is anchored by AMC Theatres, Scheels All Sports, and Dillard's (Women's and Men & Children) stores. About Beal Bank USA Beal Bank USA (Member FDIC and Equal Housing Lender), headquartered in Las Vegas, Nevada, has assets of approximately $16.9 billion as of June 2025. The Bank has a well-earned reputation as a stable, strongly-capitalized financial institution. 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 89 properties totaling 55.4 million square feet across 22 states, including 55 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
Daily Mirror
20-07-2025
- General
- Daily Mirror
Homemade ice cream tastes fluffier when one unlikely ingredient is added
For those who have made homemade ice cream before, it can be seriously annoying when it doesn't easily scoop. However adding one simple ingredient can transform your frozen treat instantly As the UK recovers from another heatwave, boiling Brits may still be thinking of ways to cool down - including making some homemade ice cream. Making ice cream from scratch sounds like a lot of effort, but by adding just one simple ingredient, you can make yourself the fluffiest and creamiest scoop possible. If you have ever made ice cream before, you may notice it can be hard to get it into a perfect scoop in your cone or cup, but by simply adding alcohol, it will easily fluff it up. According to David Lebovitz, author of The Perfect Scoop, adding just a bit of alcohol to your ice cream base results in a better texture when it's churned because alcohol doesn't freeze. 'I made my own Strawberry matcha for breakfast - you should know this before you try' It's the magical ingredient as alcohol prevents some of the ice crystals from forming, which means it will make the ice cream softer and scoopable. Lebovitz urged people to only have a small splash, as adding too much to the base means it may not freeze at all, "leaving you with something more like a milkshake when it's finished in the ice cream maker" as reported in The Kitchn. The expert recommended adding up to three tablespoons of liquor to one quart of ice cream base before churning it. However, if you don't want the alcohol to impact the flavour, you can opt for a neutral-flavoured spirit like vodka. While whiskey is nice in vanilla and chocolate-based ice creams, as it adds a touch of nutty, caramelised flavour. For fruit-based ice creams, like strawberry the expert suggested trying gin to bring an herbal note to it, or boost its fruitiness by using a fruit-flavoured liqueur instead. Another fan favourite recipe is this simple two-ingredient ice cream - making it easier than ever to make at home. Featured on All Recipes, it boasts a stellar 4.7-star rating and glowing testimonials from its aficionados. Numerous culinary enthusiasts who tried their hand at the effortless ice cream recipe incorporated a variety of additions to craft distinct flavours. One cook found the recipe "couldn't be any easier" and "delicious too," went for chocolate chips in their creation and is already planning their next batch. Ingredients for homemade ice cream 1 pint heavy whipping cream 1 (14 ounce) can sweetened condensed milk Method Beat cream in a chilled glass or metal bowl with an electric mixer until soft peaks form; add condensed milk and beat until thick and well combined. Transfer mixture to a shallow container and cover with plastic wrap; freeze until solid, about six hours.
Bloomberg
04-04-2025
- Business
- Bloomberg
JPMorgan's Lebovitz Sees 5,100 as Possible S&P 500 Entry Point
JPMorgan Asset Management's David Lebovitz says stocks have hit dip-buying territory, based on his view that the US will still dodge a tariff-induced recession. Lebovitz, who helps shape the allocation priorities of the $3.6 trillion money manager, has been waiting for the S&P 500 to hit the 5,100 level — which it broke below on Friday afternoon.
Yahoo
07-02-2025
- Yahoo
Local lawyer uncovers warning signs before deadly DC crash: I-Team
WASHINGTON, D.C. (WJW) – A local airline industry watchdog just opened up to the FOX 8 I-Team, shedding new light on warning signs long before a deadly plane crash in Washington, D.C. Attorney Jamie Lebovitz, senior partner with Nurenberg, Paris, Heller & McCarthy, has found records from that same airspace, showing about a dozen near mid-air crashes even before the recent disaster. Last month, an American Airlines plane arriving at Reagan National Airport collided with a U.S. Army helicopter, leaving 67 people dead. Sandusky man facing charges after dogs left in filthy cold garage Attorney Lebovitz has made a career of taking on the air industry over safety. He says federal records show a history of near mid-air collisions for many years involving planes and helicopters at Reagan National. 'The writing was on the wall. The warnings were there,' Lebovitz said. 'Pilots were concerned and that is one of the problems with this particular airport.' 'That should have created a very heightened necessity for the FAA to intervene,' he went on to say. 'Make sure, number one, that you have the tower staffed properly, at all times. And, if you can't staff it with the necessary personnel, then you need to do something about reducing the number of flights in and out of National. You have to do something about reducing or eliminating the number of helicopter transits.' Ohio House Bill 26 would 'defund sanctuary cities' amid Trump deportation efforts The deadly crash remains under investigation. Lebovitz points out that those earlier incidents were handled in a variety of different ways by air traffic controllers. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
