CBL & Associates Properties Inc (NYSE:CBL) Validated details of its transformation strategy for Eastland Mall in Bloomington, IL. International fashion retailer H&M and renowned fitness center Planet Fitness will become part of the center under the redevelopment of the previous JC Penney store. Besides Planet Fitness and H&M, Outback Steakhouse is also set to join the group at Eastland Mall.
Stephen Lebovitz, the Chief Executive Officer and President of CBL expressed that they are excited to kick off 2018 by reporting a major anchor redevelopment assignment at Eastland Mall. The additions of Planet Fitness and H&M are a perfect example of their commitment to offering a dynamic mix of applications to their centers. Dining, fitness and value are increasingly in demand, and they are delighted to offer names that meet this demand, and enhance the overall customer experience.
Construction on Planet Fitness, Outback Steakhouse and H&M is currently ongoing, and all tenants are planned to start before the 2018 holiday season. Based in Chattanooga, TN, CBL manages and owns a national portfolio of market-dominant assets based in growing and dynamic communities. The company’s portfolio is constituted of 119 properties spreading across 74.4 million square feet in 27 states, counting 76 high-quality open-air retail centers and enclosed outlet and 12 assets managed for third parties. As it is known, CBL continuously strengthens its portfolio and firm through active management, profitable reinvestment and aggressive leasing in its properties.
In the last trading session, the stock price of CBL & Associates declined 0.35% to close the day at $5.69. The decline came at a share volume of 3.67 million compared to average share volume of 4.48 million. Post the recent decline, the market cap of firm was noted at $977.0 million. So far in this year, the stock has posted gains of 0.53%.