{"id":1004165658,"date":"2017-02-01T06:12:55","date_gmt":"2017-02-01T14:12:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004165658"},"modified":"2022-12-08T10:08:41","modified_gmt":"2022-12-08T18:08:41","slug":"cbl-snags-7-sears-outposts-for-redevelopment","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cbl-snags-7-sears-outposts-for-redevelopment\/","title":{"rendered":"CBL Snags 7 Sears Outposts for Redevelopment"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<div id=\"attachment_1004165659\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/searsexterior_hi.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004165659\" data-attachment-id=\"1004165659\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cbl-snags-7-sears-outposts-for-redevelopment\/searsexterior_hi\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/searsexterior_hi.jpg\" data-orig-size=\"801,600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"searsexterior_hi\" data-image-description=\"&lt;p&gt;Sears Exterior &lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/searsexterior_hi.jpg?w=801\" class=\"wp-image-1004165659 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/searsexterior_hi.jpg\" alt=\"Sears Exterior \" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/searsexterior_hi.jpg 801w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/searsexterior_hi.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/searsexterior_hi.jpg?resize=768,575 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004165659\" class=\"wp-caption-text\">Sears Exterior<\/p><\/div>\n<p><strong>Chattanooga, Tenn<\/strong>.\u2014CBL &amp; Associates Properties Inc. takes a big step forward in its redevelopment program with the acquisition of seven Sears retail locations at CBL malls in the South and Midwest. The company purchased five department stores totaling 900,000 square feet and two Sears Auto Centers from the retail giant in a sale-leaseback transaction valued at an aggregate $72.5 million.<\/p>\n<p>\u201cWe are pro-actively transforming our market-dominant shopping centers to meet the changing preferences of consumers. This transaction provides CBL with the opportunity to redevelop prime real estate and attract exciting new uses at some of our best shopping centers,\u201d Stephen Lebovitz, president &amp; CEO of CBL &amp; Associates Properties, said in a prepared statement.<\/p>\n<p>The Sears department stores are located at CBL\u2019s Cross Creek Mall in Fayetteville, N.C.; Brookfield Square in Brookfield, Wis.; Hamilton Place Mall in CBL\u2019s hometown of Chattanooga, Tenn.; Eastgate Mall in Cincinnati, Ohio; and Jefferson Mall in Louisville, Ky. The two auto centers involved in the transaction can be found at Northgate Mall in Chattanooga and Volusia Mall in Daytona, Fla.<\/p>\n<p>Sears will stay put in the spaces, paying annual initial base rent totaling just more than $5 million. Each new lease is for a 10-year term; however, both CBL and Sears have termination rights.\u00a0 \u201cThe leaseback of the real estate by Sears will generate income to CBL and gives us control over the timing of closures while we finalize our redevelopment plans at each location,\u201d Lebovitz added.<\/p>\n<p>CBL\u2019s list of completed transformation projects includes Sears anchor spots at Coolsprings Galleria in suburban Nashville; Fayette Mall in Lexington, Ky.; and College Square Mall in metropolitan Knoxville, Tenn., where the Sears site reopened as a TJ Maxx.<\/p>\n<p>It\u2019s not just Sears that\u2019s a target of CBL\u2019s redevelopment program; Macy\u2019s loss is the mall owner\u2019s gain. In January, CBL announced it would <a href=\"https:\/\/www.commercialsearch.com\/news\/cbl-announces-redevelopment-of-4-macys-stores\" target=\"_blank\" rel=\"noopener\">transform four Macy\u2019s anchor stores<\/a> that are designated for closure in March of this year.<\/p>\n<p>As of the close of the third quarter of 2016, CBL\u2019s conversion projects since 2013 totaled 1.5 million square feet of anchor space with an investment value of $250 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company purchased five department stores and two auto centers in a sale-leaseback transaction valued at $72.5 million. <\/p>\n","protected":false},"author":969,"featured_media":1004165659,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,13,23891,21742,21749],"tags":[],"class_list":["post-1004165658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-midwest","category-national","category-latest","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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