CBL Opens 10th Florida Shopping Ctr.

ST. AUGUSTINE, FL-CBL & Associates Properties Inc. of Chattanooga, TN, the largest mall and shopping center owner in the Southeast, has formally opened the 261,110-sf Cobblestone Village in St. Augustine, FL at 92% occupancy. The project is CBL’s 10th shopping center in Florida.

The 45.4-acre site in the southwest corner of Old Moultrie Road and State Road 312, FL, 150 miles north of Downtown Orlando, is expected generate an initial unleveraged return of 10%, says Charles B. Lebovitz, the REIT’s chairman and CEO.

“This new center has a unique combination of traditional broad line retailers, together with businesses offering neighborhood conveniences,” Lebovitz says. The center’s anchors are Beall’s Department Store, 55,400 sf; Publix Supermarket, 44,271 sf; Ross Dress for Less, 30,186 sf; Michael’s Arts and Crafts, 20,303 sf; Bed, Bath & Beyond, 20,000 sf; and Pier I Imports, 9,000 sf.