Northpark Mall owner: We're committed to malls

(From CBL Properties)

In July, we took a major step forward by acquiring four enclosed regional malls, including Ashland Town Center in Ashland, Kentucky; Mesa Mall in Grand Junction, Colorado; Paddock Mall in Ocala, Florida; and Southgate Mall in Missoula, Montana.

These properties fit seamlessly within our existing portfolio, have strong fundamentals and long-term growth potential. Each mall is dominant in its market and offers meaningful opportunities, from anchor revitalization to introducing more restaurants, entertainment and experiential tenants. Together, these acquisitions are a strategic addition to our portfolio and a testament to the continued strength and evolution of the retail sector as well as our commitment to the enclosed mall format – particularly dominant malls in secondary markets.

CBL is Committed to the Mall

This marks our first major acquisition in ten years, underscoring our commitment to our core business. We see this moment as a turning point for CBL, reflecting our confidence in experiential retail, mixed-use redevelopment, and the ongoing evolution of malls as community gathering spaces.

Over the years, we have worked to fine-tune our portfolio by executing more than a dozen redevelopments and reconfiguring the tenant mix to include in-demand retailers and non-traditional experiential tenants. These efforts have positioned us to take advantage of opportunities to expand our portfolio through strategic acquisitions like this one.

Retail Resurgence

Recently, the retail real estate sector has shown signs of a strong recovery and is experiencing a notable resurgence. National foot traffic is rebounding, both legacy and digitally native brands are investing in physical stores and consumers are increasingly seeking local, experience-driven shopping environments.

Additionally, demand for leasing retail space is soaring. The lack of new construction is fueling leasing activity in the sector, making malls increasingly desirable to retailers looking to expand in a tight market. Brick-and-mortar retail remains central to business growth, as most shopping is still done in-store. Physical locations also support the omnichannel consumer experience and play a key role in building brand awareness.

We’re confident this acquisition will have a big pay-off for our portfolio. Our redevelopment efforts have already driven significant increases in foot traffic and sales, as seen at Hamilton Place, a 1.1 million-square-foot mall in Chattanooga, Tennessee, which attracts more than 6.6 million visitors annually. Last year, the property added more than 110,000 square feet of new restaurants and retail, including Texas Roadhouse, Malone’s, and Crunch Fitness. We also continue to host our small business expos, giving local vendors a platform to showcase their unique products and services, which contributed to a 12% increase in shopper dwell time.

Looking ahead, we plan to build on the strong foundation of these new properties through thoughtful reinvestment and active management by enhancing the tenant mix, elevating programming and creating more engaging experiences for visitors. Beyond physical renovations, we’re focused on strengthening each mall’s role as a true gathering space for the surrounding communities.

We’re excited about expanding our presence into these markets, while making it a point to embrace what these malls mean to their communities and the important positions they will continue to hold in the future.