Two investors in CBL Properties have acquired more than 5 percent of the REIT, requiring a notification to the SEC. An SEC statement filed jointly by Exeter Capital and Michael L. Ashner reports they have acquired a 5.9 percent stake in CBL Properties.
To view the full filing, click here.
CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s portfolio comprises 108 properties totaling 68.2 million square feet across 26 states, including 68 high-quality enclosed, outlet and open-air retail centers and nine properties managed for third parties.
Recently, CBL Properties executed leases with entertainment users for approximately 825,000 square feet. The new leases are located at more than a dozen properties, and all of the new stores are scheduled to open by 2021, including two that opened in early 2019 and four that will open by the end of the year.
“The consumer demand to add family-friendly entertainment at our market-dominant centers has increased dramatically over the last few years,” said Stephen Lebovitz, CEO of CBL Properties. “We are answering that demand by incorporating these exciting new uses into our properties as part of redevelopment projects or through the consolidation of in-line space.”
Lebovitz added, “These new users facilitate the transformation of our properties from traditional, retail-based enclosed malls to mixed use, experiential suburban town centers. When these entertainment users are looking to enter our markets, our properties stand out because they offer the best locations, access, visibility and critical mass in their respective markets.”
The scope of entertainment users that CBL is adding to its portfolio include nationally known names like Round1 Bowling & Amusement, Dave & Buster’s and Main Event as well as regional operators such as WhirlyBall and High Caliber Karting & Entertainment. CBL is also adding casinos as part of anchor redevelopment projects at two properties in Pennsylvania.
