Dallas, Texas 05/19/2014 (FINANCIALSTRENDS) –CBL & Associates Properties, Inc. (NYSE:CBL) recently announced to have closed on the sale of Lakeshore Mall to a private buyer for $14 million. President and Chief Executive Officer of CBL & Associates Properties, Stephen Lebovitz mentioned that disposition of Lakeshore Mall advances the REIT’s strategic objective of selling lower productivity malls. He also added that the REIT is also advancing with disposition of additional properties and will announce the update over the coming months.
CBL & Associates Properties, Inc. (NYSE:CBL) also recently disclosed the development of a community center, Parkway Plaza in Fort Oglethorpe, Georgia which is expected to commence by June 2014 and could possibly open by spring 2015. The community center will span over 134,100 sq. ft. Parkway Plaza is located in the highly trafficked retail corridor and is almost 90% leased even prior to its construction commencement. This Georgia based community center offers enormous growth prospects for CBL & Associates.
The REIT has committed retailers such as Rack Room Shoes, Petco, Hobby Lobby, Ross Dress for Less of Ross Stores, Inc.(NASDAQ:ROST) and The TJX Companies, Inc.(NYSE:TJX)’s chain of American department stores Marshalls, Inc. The project is anticipated to grab the attention of other popular retailers as the construction work advances.
CBL & Associates Properties, Inc. (NYSE:CBL) is a public Real Estate Investment Trust (REIT) and one of the most active owners and developers of shopping centers and malls in the U.S. REIT holds interests in or manage around 150 properties located across 30 states and span over 86.9 million sq. ft. area including 6.3 million sq. ft. of shopping centers managed for third parties.
On Friday, REIT’s stock closed at $18.89, gaining 5% from its previous close. However, the stock traded flat during the past week and recorded marginal gains of 0.7%.