CBL & Associates Properties, Inc. (NYSE: CBL) today announced that it has been awarded the management and other contracts for Ford City Mall in Chicago, IL, and Adrian Mall in Adrian, MI. Ford City Mall and Adrian Mall are owned by Equity Group Investments, Inc., the private investment firm founded by Sam Zell.
“We appreciate the confidence that Equity Group has shown in CBL through the award of these contracts and look forward to working with them,” said Stephen Lebovitz, president of CBL & Associates Properties, Inc. “We are excited to begin work on Ford City Mall and Adrian Mall to maximize the opportunities each center offers for enhancement and growth. Ford City is located in a vibrant, high-traffic, high-density retail area serving the more than one million people that live within a seven mile radius. Adrian Mall is also located within a high-traffic corridor and serves as the centerpiece of Lenawee County’s retail sector.”
As part of the contract for Ford City Mall, CBL will facilitate plans to revitalize and expand the center through a redevelopment, which will include the former Montgomery Ward’s location. Construction is expected to start in late 2009. Additional announcements on the project will be made as details are confirmed.
“We selected CBL based on its expertise in management, leasing and development, and on its deep strength in the Midwest retail market,” commented David Contis, president of real estate, Equity Group Investments. “We expect the firm will further enhance the retail mix at both properties, as well as the shopping and entertainment experience for the consumers they serve.”
Ford City is a 1.3-million-square-foot single-level, enclosed regional mall located in southwest Chicago, approximately two miles south of Midway Airport. The center is anchored by JCPenney, Carson Pirie Scott, and Sears, plus shoppers can choose from more than 363,000 square feet of shops, restaurants and entertainment, including Charlotte Russe, Aldo Shoes, Victoria’s Secret, Applebee’s and a 14-screen AMC theater, located adjacent to the mall.
Adrian Mall is a 373,000-square-foot, single-level enclosed regional mall located in southeast Michigan. The property is situated on 47 acres at the corner of two major transportation corridors, US223 and M52. The center is anchored by Sears, JCPenney and Elder-Beerman, along with more than 373,000 square feet of specialty shops and dining options, including American Eagle, Pac Sun, and Aèropostale.
About Equity Group Investments, Inc.
Equity Group Investment (EGI) is a private investment firm founded by Sam Zell. The firm’s investments span industries and continents, and include interests in real estate, finance, energy, transportation and communications. EGI was the company out of which spun four real estate investments trusts (REITs), two of which were the largest in their sectors: Equity Office Properties Trust, which was sold to Blackstone in 2007, and Equity Residential Properties. The company is also associated with Equity International, a privately held, leading investor in real estate-related businesses outside of the United States. Equity International originated the public offerings for four international companies, in which Mr. Zell maintains substantial interests: Gafisa, the leading homebuilder in Brazil; BR Malls, one of the largest shopping center owners and operators in Brazil; Homex, the fastest growing homebuilder in Mexico; and Xinyuan, homebuilding company headquartered in Zhengzhou, China.
About CBL & Associates Properties, Inc.
CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 161 properties, including 86 regional malls/open-air centers. The properties are located in 27 states and total 84.6 million square feet including 2.2 million square feet of non-owned shopping centers managed for third parties. CBL currently has fourteen projects under construction totaling 4.0 million square feet including Pearland Town Center, Houston (Pearland), TX; Settlers Ridge in Pittsburgh, PA; The Pavilion at Port Orange in Port Orange, FL; Hammock Landing in West Melbourne, FL; two lifestyle/associated centers, seven expansions/redevelopments, and one community center. Headquartered in Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA, Dallas, TX, and St. Louis, MO. Additional information can be found at http://cblproperties.com.
Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties.