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CBL Hints of More Additions to Portfolio

CHATTANOOGA, TN-With 14 US projects and entry into Brazil underway, the company says additional announcements are due within weeks or months.

By Marita Thomas | Updated on November 07, 2007

CHATTANOOGA, TN-After announcing 1.3 million sf of new joint-venture developments in the US and expansion to Brazil in recent months, CBL & Associates Properties Inc. shows no signs of stopping. During a third-quarter conference call, Stephen Lebovitz, president and secretary, said there would be “more great announcements over the next few weeks and months.”

The locally based company currently has 14 US projects aggregating 2.9 million sf under construction. They include Pearland Town Center near Houston, Settlers Ridge in Pittsburgh, and CBL Center II here along with two lifestyle centers and nine mall expansions and redevelopments. The ground-up developments are all in joint ventures.

This month CBL also announced the acquisition of a 60% partnership with Tenco Realty for a retail development in Macae, Brazil. Under its agreement with Tenco, CBL also has the option to buy a minimum 51% stake in any future Tenco developments in that country.

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