CBL Properties
| File:CBL & Associates Properties logo.png | |
| Company type | Public |
|---|---|
| |
| 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 | Decrease Template:US$ (2023) |
| Increase US$3 million (2023) | |
| Total assets | Decrease US$2.405 billion (2023) |
| Total equity | Decrease US$330 million (2023) |
Number of employees | 469 (2023) |
| Website | cblproperties |
CBL Properties—previously known as CBL & Associates Properties, Inc.—is a Delaware-incorporated real estate investment trust headquartered in Chattanooga, Tennessee, specializing in the ownership and management of shopping centers predominantly located throughout the Southeastern and Midwestern regions of the United States. The company’s name honors its founder, Charles B. Lebovitz.
History
The origins of the company trace back to 1961 when Moses Lebovitz, Charles B. Lebovitz, and Jay Solomon established Independent Enterprises.[1] Following a merger with Arlen Realty & Development Corporation in 1970, Charles B. Lebovitz and his partners launched CBL & Associates, Inc. in 1978.[2][1] The inaugural mall under this entity was Plaza del Sol Mall in Del Rio, Texas, which opened its doors in 1979.[1] In 1987, Hamilton Place in Chattanooga was developed as the company’s premier mall.[1] The transformation into a REIT occurred in 1993 with the creation of CBL & Associates Properties, which acquired all prior assets before conducting its initial public offering.[2]
Significant acquisitions include the purchase of five properties in the Nashville area for $247.4 million in 1998,[3] followed by a $1.3 billion acquisition of a portfolio from Richard E. Jacobs in 2001.[4] The firm extended its reach to the western U.S. by inaugurating Imperial Valley Mall in California in 2005,[5] and later that year secured Oak Park Mall along with two additional centers for $516.9 million.[6]
In 2007, CBL expanded further by acquiring four malls around St. Louis from the Westfield Group for $1.03 billion,[7][8] and a decade later, in 2017, acquired five Sears properties valued at $72.5 million through sale-leaseback deals.[9] That same year marked a rebranding effort to simplify the corporate identity to CBL Properties, aligning with its strategic direction.[10]
Confronted with difficulties within the retail real estate sector, CBL resolved a $90 million legal dispute regarding tenant electricity fees in 2019,[11] proceeded to file for Chapter 11 bankruptcy protection on November 1, 2020,[12][13] and successfully completed its emergence from bankruptcy proceedings by November 2021.[14]
External links
- Pages with broken file links
- CBL Properties
- Organizations founded in Tennessee in 1978
- Initial public offerings in 1993
- American corporations founded in 1978
- Businesses headquartered in Chattanooga, Tennessee
- Entities traded on the New York Stock Exchange
- Companies that underwent Chapter 11 bankruptcy proceedings in 2020
- Financial services firms established in 1978
- United States real estate investment trusts
- Real estate enterprises founded in 1978
- Shopping mall management companies
- American companies established in 1978
- Companies of the United States by year of establishment
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