"Westmoreland Mall is the dominant mall in the southeastern Pittsburgh area and is located 45 minutes away from the nearest competing mall," says CBL chairman and CEO Charles B. Lebovitz. "We expect to immediately leverage our management and leasing expertise with our expanded presence in the region. Westmoreland presents us with a strong initial return which we plan to improve by increasing occupancy in the mall, changing the tenant mix and retenanting the Crossing."

Westmoreland Mall, developed in the late '70s, was renovated in 1994 at a cost of more than $30 million. Located 30 miles east of downtown Pittsburgh on approximately 105 acres, the property is anchored by Bon-Ton, Kaufmann's, JCPenney and Sears. The mall is currently 89% occupied. Westmoreland Crossing is anchored by Carmike Cinema, Michael's Arts and Crafts, Shop N' Save and TJ Maxx and is currently 71.3% occupied.

CBL has a portfolio of 159 properties, including 55 enclosed malls, in 25 states totaling 58.4 million sf including 2.1 million sf of non-owned shopping centers managed for third parties. The company has five projects under construction totaling approximately 2.5 million feet, including one mall, one associated center and three community centers plus two mall renovations. In addition to its office in Chattanooga, TN, the Company has a regional office in Boston.