CBL Properties
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Company type | Public |
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Industry | Real estate investment trust |
Founded | 1978 |
Founder | Charles B. Lebovitz |
Headquarters | Chattanooga, Tennessee, U.S. |
Key people | Charles B. Lebovitz, Chairman Stephen D. Lebovitz, CEO Michael Lebovitz, President Farzana Khaleel, CFO |
Products | Shopping centers |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 469 (2023) |
Website | cblproperties |
Footnotes / references [1] |
![](http://upload.wikimedia.org/wikipedia/commons/thumb/0/09/CBL_Properties_headquarters_in_Chattanooga%2C_Tennessee.jpg/220px-CBL_Properties_headquarters_in_Chattanooga%2C_Tennessee.jpg)
CBL Properties (previously CBL & Associates, Inc., then CBL & Associates Properties, Inc.) is an American real estate investment trust that invests in shopping centers and owns shopping malls, primarily in the Southeastern and Midwestern United States. The company is organized in Delaware with its headquarters in Chattanooga, Tennessee.[1]
The company's name is based on the initials of its founder, Charles B. Lebovitz.
History
[edit]In 1961, Moses Lebovitz, his son, Charles B. Lebovitz, and Jay Solomon founded Independent Enterprises.[2] In 1970, the company merged with Arlen Realty & Development Corporation, which owned shopping centers on the East Coast of the United States.[2] In 1978, Charles B. Lebovitz and five associates formed CBL & Associates, Inc.[1][2] In March 1979, the company built its first mall, the Plaza del Sol Mall in Del Rio, Texas.[2] In 1987, the company built Hamilton Place in Chattanooga, its flagship mall.[2] In 1993, CBL & Associates Properties, Inc. was formed as a REIT and acquired all of the assets of CBL & Associates, Inc.[1] The company became a public company via an initial public offering.[2]
In 1998, the company acquired five properties near Nashville, Tennessee for $247.4 million in cash and securities.[3]
In 2001, the company acquired a 23-property portfolio from Richard E. Jacobs for $1.3 billion.[4]
In March 2005, the company opened Imperial Valley Mall in El Centro, California, its first mall on the West Coast of the United States.[5]
In October 2005, the company acquired Oak Park Mall, Hickory Point Mall, and Eastland Mall for $516.9 million.[6]
In 2007, the company acquired four malls in the St. Louis area from Westfield Group, for $1.03 billion.[7][8]
In January 2017, the company acquired five properties from Sears for $72.5 million in a leaseback transaction.[9]
In October 2017, the company rebranded itself as CBL Properties from "CBL & Associates Properties".[10]
On March 20, 2019, the company settled a lawsuit that it overcharged tenants for electricity by setting aside a $90 million fund to be distributed to the plaintiffs.[11] On November 1, 2020, CBL filed for Chapter 11 bankruptcy.[12][13] It emerged from bankruptcy protection in November 2021.[14]
References
[edit]- ^ a b c d "CBL & Associates Properties, Inc. 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 29, 2024.
- ^ a b c d e f Pare, Mike (July 30, 2017). "Retail powerhouse Hamilton Place mall turns 30". Chattanooga Times Free Press.
- ^ "Company News; 5 Nashville Shopping Centers Sold For $247 Million". The New York Times. Bloomberg News. June 25, 1998.
- ^ "CBL Shareholders OK $1.3 Bln Acquisition of Mall Portfolio". Commercial Real Estate Direct. January 18, 2001. Archived from the original on August 22, 2017. Retrieved August 21, 2017.
- ^ Howard, Bob (March 9, 2005). "CBL's Imperial Valley Opens". ALM (Press release).
- ^ Moore, Nancy S. (October 17, 2005). "CBL Finalized Sale of Three-Mall Portfolio for $517M". CoStar Group.
- ^ "CBL Gains Control of Four Leading St. Louis Area Regional Malls in Transactions with the Westfield Group" (Press release). SEC.gov. August 9, 2007.
- ^ "CBL closes on $1B purchase of four area malls". American City Business Journals. October 17, 2007.
- ^ "CBL & Associates Properties, Inc. Acquires Five Sears Stores for Future Redevelopment Through Sale-Leaseback" (Press release). Business Wire. January 30, 2017.
- ^ "CBL Properties Announces Completion of Strategic Rebranding Initiative" (Press release). Business Wire. October 5, 2017.
- ^ "CBL Properties Announces Proposed Settlement of Class Action Lawsuit" (Press release). Business Wire. March 26, 2019.
- ^ Thomas, Lauren (2 November 2020). "America's malls under pressure: CBL, Pennsylvania REIT, file for bankruptcy". CNBC.
- ^ Valinsky, Jordan (November 2, 2020). "Two major mall owners file for bankruptcy". CNN.
- ^ "CBL Properties Exits Chapter 11" (Press release). Business Wire. November 1, 2021.
External links
[edit]- Business data for CBL Properties:
- CBL Properties
- 1978 establishments in Tennessee
- 1993 initial public offerings
- American companies established in 1978
- Companies based in Chattanooga, Tennessee
- Companies listed on the New York Stock Exchange
- Companies that filed for Chapter 11 bankruptcy in 2020
- Financial services companies established in 1978
- Real estate investment trusts of the United States
- Real estate companies established in 1978
- Shopping center management firms