CBL & Associates Properties, Inc.
) disclosed the development of Parkway Plaza in Fort Oglethorpe,
Ga. The construction of this community center, which will span
134,100-square-foot, will commence in June this year and is
slated to open in spring 2015.
CBL&ASSOC PPTYS (CBL): Free Stock Analysis
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Located in the highly trafficked retail corridor, Parkway Plaza
offers significant prospects for growth for this retail real
estate investment trust (REIT). It is already 90% leased prior to
its construction commencement.
It has committed retailers such as Hobby Lobby, Petco, Rack Room
Shoes, Marshalls, Inc. - a chain of American department stores
The TJX Companies Inc.
) and Ross Dress for Less - a brand of
Ross Stores Inc.
). With the advancement of the development, the project is
expected to further grab the attention of other renowned
Growing consumer confidence drives the demand for retail goods.
Consequently, this is an opportune moment for companies providing
real estate support to the retail sector. Amid lower supply of
new properties, steadily rising demand is shaping up as the
sector's growth driver for years to come.
Headquartered in Chattanooga, Tenn., CBL & Associates is one
of the leading owners and developers of malls and shopping
centers in the United States. It currently owns, holds stakes in
or manages 150 properties, including 91 regional malls/open-air
centers, which are positioned in 29 states. These properties span
86.1 million square feet in total and include 5.6 million square
feet of non-owned shopping centers managed for third parties.
CBL & Associates currently carries a Zacks Rank #3 (Hold).
Investors interested in the retail REIT industry can also
Simon Property Group Inc.
), which carries a Zacks Rank #2 (Buy).