CBL Properties (CBL) provided an update on its redevelopment efforts related to Sears stores in its portfolio. “We have been preparing for an eventual Sears (SHLD) bankruptcy since 2013, when we purchased two Sears locations and transformed them into dining, retail and entertainment destinations,” said Stephen Lebovitz, CEO. “The Sears stores in our markets are well-located with excellent visibility, access and infrastructure. As a result, we have been able to attract high quality replacement users and new concepts that had not previously considered a mall environment. Additionally, we are able to pursue a number of non-traditional uses through partnerships. These other developers, be it multi-family, hotel or other use, recognize the immense value of these locations and are coming to us to take advantage of the great real estate that’s becoming available.” Yesterday Sears announced anticipated store closures as part of its Chapter 11 bankruptcy filing. CBL stores on the closure list include Hamilton Place in Chattanooga, TN; Jefferson Mall in Louisville, KY; Cross Creek Mall in Fayetteville, NC; Imperial Valley in El Centro, CA; Honey Creek Mall in Terre Haute, IN; and Governor’s Square Mall in Clarksville, TN.
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