CBL Has Sights On $500M Annual Pipeline

CHATTANOOGA, TN-CBL & Associates executives are looking to complete $500 million of new shopping-center construction annually, they said during the REIT’s first-quarter conference call. That would put the firm in front of this year’s mark of $365 million.

This year the company is opening four centers across the East Coast. They are: the 840,000-sf Almanac Crossing, Burlington, CT; the 302,000-sf Cobblestone Village, Palm Coast, FL; the 112,000-sf Milford (CT) Marketplace and the 291,000-sf York (PA) Town Center. Management will highlight future development projects at the International Council of Shopping Centers’ annual convention in Las Vegas later this month.

The company is also undertaking $41.5 million in redevelopments this year, totaling 450,000 sf. Those endeavors include adding lifestyle-center additions to malls around the country, new restaurant spaces and outparcels.