CBL to Redevelop Northgate Mall - Analyst Blog
19 October 2012 - 3:45AM
Zacks
CBL & Associates
Properties, Inc. (CBL), a real estate
investment trust (REIT), recently announced a multi-million dollar
renovation and redevelopment plan for its Northgate Mall in
Chattanooga, Tennessee. The renovation is expected to begin in
summer 2013 and the company intends to wrap it up by the fall.
Spanning 823,000 square feet,
Northgate Mall is located on Highway 153 and Hixson Pike/State
Route 319. In phase I, improvements will be made in the interior as
well as exterior of the mall. CBL plans to revamp the interiors of
the mall with new seating areas and flooring as well as upgradation
of the ceiling and lighting systems. Along with this, the main
entrance and parking lot will also be renovated. The project will
include the redevelopment of CBL’s adjacent community center
anchored by T.J. Maxx stores of The TJX Companies, Inc.
(TJX).
The strategic move is intended to
provide the best shopping experience by improving its merchandising
mix, utilizing available space and upgradation of retail offerings.
The company looks forward to sustaining its success through
expansions, renovations and aggressive leasing at its properties.
This latest renovation is likely to benefit the company to
capitalize on the continuous growth opportunities in the
Chattanooga market.
Headquartered in Chattanooga,
Tennessee, CBL is one of the largest and most active owners and
developers of malls and shopping centers in the United States. CBL
owns and manages 164 properties, including 95 regional
malls/open-air centers.
CBL currently retains a Zacks #4
Rank, which translates into a short-term Sell rating. We also have
our long-term Neutral recommendation on the stock. One of its
competitors, Simon Property Group Inc
(SPG) holds a Zacks #2 Rank, which
translates into a short-term Buy rating.
CBL&ASSOC PPTYS (CBL): Free Stock Analysis Report
SIMON PROPERTY (SPG): Free Stock Analysis Report
TJX COS INC NEW (TJX): Free Stock Analysis Report
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