Traded as NYSE: CBL Area served USA | Industry Real estate Founded 1961 | |
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Type Real estate investment trust (REIT) Founder Moses Lebovitz
Charles Lebovitz
Jay Solomon Key people Charles Lebovitz, Chairman
Stephen Lebovitz, CEO Stock price CBL (NYSE) US$ 10.23 -0.04 (-0.39%)3 Mar, 4:01 PM GMT-5 - Disclaimer Headquarters Chattanooga, Tennessee, United States Subsidiaries River Ridge Mall, CBL Holdings I, Inc Parent organization CBL & Associates Properties Profiles | ||
CBL & Associates Properties, Inc. (NYSE: CBL) is an American real estate investment trust (REIT) based in Chattanooga, Tennessee. The fourth largest shopping mall REIT in the United States, it owns, holds interests in, or manages 130 properties including 79 market-dominant enclosed malls and open-air centers. CBL is an active developer of new regional malls, open-air centers, and lifestyle and community centers. The company’s growth strategy also comes from the acquisition of regional malls.
In 2008, the company's total revenue was $1.16 billion.
History
The company was founded in 1961 by Moses Lebovitz, Charles Lebovitz, and Jay Solomon as Independent Enterprises. In 1970, the company merged with Arlen Realty & Development Corporation, a New York-based public company with a portfolio of shopping centers along the East Coast, therefore becoming known as Arlen Shopping Center Group and then CBL & Associates in 1978 after Charles Lebovitz and five associates left Arlen. The first mall built under the CBL name was the Plaza del Sol Mall in Del Rio, Texas in March 1979. In 1993, CBL & Associates became a REIT and began its acquisition stage in 1995 with WestGate Mall in Spartanburg, South Carolina. In 2001, CBL acquired 23 properties from the Richard E. Jacobs group. In 2005, CBL opened its first mall on the West Coast at Imperial Valley Mall in El Centro, California. CBL has focused on its hometown of Chattanooga as it reacquired and renovated Northgate Mall, which its predecessor had built in 1972 and later sold, in September 2011 for $11.5 million from General Growth Properties and has renovated Hamilton Place Mall several times since its 1987 opening, as the company considers Hamilton Place as its flagship property.