CBL Properties
An American real estate investment trust focused on shopping centers and retail properties.
Last updated August 22, 2026
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Overview
CBL Properties is an American real estate investment trust that develops, owns, manages, and invests in shopping centers and shopping malls. The company is organized in Delaware and headquartered in Chattanooga, Tennessee, with a portfolio and operating history concentrated primarily in the Southeastern and Midwestern United States. Its properties have included regional malls, community shopping centers, lifestyle-oriented retail destinations, and other commercial real estate assets. The business traces its roots to Independent Enterprises, founded in 1961 by Moses Lebovitz, Charles B. Lebovitz, and Jay Solomon. Independent Enterprises later merged with Arlen Realty & Development Corporation, an owner of shopping centers on the East Coast. In 1978, Charles B. Lebovitz and five associates established CBL & Associates, Inc., the predecessor to the modern company. The CBL name is derived from Lebovitz's initials. CBL developed its first mall, Plaza del Sol Mall in Del Rio, Texas, in 1979. Its best-known early development was Hamilton Place in Chattanooga, which opened in 1987 and became a flagship property. In 1993, CBL & Associates Properties, Inc. was created as a real estate investment trust and acquired the assets of CBL & Associates, Inc. The company also became publicly traded through an initial public offering. Expansion during the following decades came through both development and acquisitions. CBL acquired properties near Nashville in 1998, purchased a 23-property portfolio from Richard E. Jacobs in 2001, and expanded to the West Coast with Imperial Valley Mall in California in 2005. It also acquired several individual malls and regional portfolios, including assets in the St. Louis area from Westfield Group in 2007. In 2017, CBL bought five properties from Sears through a leaseback transaction and later that year adopted the shorter CBL Properties name. The company faced significant pressure from changes in retail economics, tenant distress, declining mall traffic, and the broader disruption to physical retail during the late 2010s and 2020. In 2019, it resolved litigation concerning alleged tenant overcharges for electricity by establishing a fund for affected plaintiffs. On November 1, 2020, CBL filed for Chapter 11 bankruptcy protection. The restructuring process was completed in November 2021, after which the reorganized company continued operating under the CBL Properties name. CBL's business model centers on leasing retail space, managing shopping-center operations, redeveloping existing properties, and adjusting its portfolio to changing consumer and tenant demand. Chattanooga remained an important market, accounting for 6.8% of 2024 revenue according to the cited reference material. The company is therefore best understood as a specialized U.S. retail-property owner and operator rather than as a consumer-facing retail brand.
History
CBL Properties developed from a family-linked real estate business into a publicly traded U.S. retail REIT. Its earliest predecessor was Independent Enterprises, established in 1961 by Moses Lebovitz, his son Charles B. Lebovitz, and Jay Solomon. In 1970, that company merged with Arlen Realty & Development Corporation, which owned shopping centers along the East Coast. Charles B. Lebovitz and five associates founded CBL & Associates, Inc. in 1978. The company's first mall development was Plaza del Sol Mall in Del Rio, Texas, completed in March 1979. CBL subsequently strengthened its Chattanooga presence through Hamilton Place, which opened in 1987 and became a key property associated with the company. A major corporate transition occurred in 1993, when CBL & Associates Properties, Inc. was formed as a REIT and acquired the assets of CBL & Associates, Inc. The company also completed an initial public offering, providing access to public capital and supporting further acquisition-led growth. During the late 1990s and 2000s, CBL expanded its portfolio through purchases of operating malls and shopping-center portfolios. In 1998 it acquired five properties near Nashville. In 2001 it purchased a 23-property portfolio from Richard E. Jacobs. The company opened Imperial Valley Mall in El Centro, California, in 2005, marking its first mall on the West Coast, and that year also acquired Oak Park Mall, Hickory Point Mall, and Eastland Mall. CBL continued expanding in 2007 by acquiring four malls in the St. Louis area from Westfield Group. In January 2017, it acquired five properties from Sears through a leaseback transaction. Later in 2017, the company simplified its public identity by changing its name from CBL & Associates Properties to CBL Properties. The company subsequently confronted structural challenges affecting the U.S. mall industry, including changing shopping habits, tenant bankruptcies, pressure on department-store anchors, and the weakening economics of some traditional retail properties. In March 2019, CBL settled litigation related to alleged electricity overcharges to tenants, agreeing to establish a $90 million fund for plaintiffs. The dispute became one of the most prominent legal events in the company's recent history. On November 1, 2020, CBL filed for Chapter 11 bankruptcy protection. The filing followed years of pressure on retail real estate and occurred during the severe operating disruption caused by the COVID-19 pandemic. CBL emerged from bankruptcy protection in November 2021. Its continuing business remains centered on owning, leasing, operating, and redeveloping retail properties, with particular historical concentration in the Southeastern and Midwestern United States.
- 2021
Emergence from bankruptcy
[1]CBL emerges from Chapter 11 protection in November.
- 2020
Chapter 11 filing
[1]CBL files for Chapter 11 bankruptcy protection on November 1.
- 2017
Sears leaseback acquisition
[1]CBL acquires five properties from Sears in a leaseback transaction.
- 2017
Corporate rebranding as CBL Properties
[1]The company changes its name from CBL & Associates Properties to CBL Properties.
- 2007
St. Louis portfolio expansion
[1]CBL acquires four malls in the St. Louis area from Westfield Group.
- 2005
West Coast expansion
[1]CBL opens Imperial Valley Mall in El Centro, California, its first mall on the West Coast.
- 2001
Richard E. Jacobs portfolio acquisition
[1]The company acquires a 23-property portfolio from Richard E. Jacobs.
- 1998
Nashville-area acquisition
[1]CBL acquires five properties near Nashville, Tennessee.
- 1993
REIT formation and public offering
[1]CBL & Associates Properties, Inc. is formed as a REIT, acquires the predecessor company's assets, and becomes publicly traded through an initial public offering.
- 1987
Hamilton Place opens
[1]The company opens Hamilton Place in Chattanooga, Tennessee, which becomes a flagship property.
Products and positioning
A U.S. retail real estate investment trust specializing in the ownership, development, leasing, and management of shopping centers and malls, particularly in the Southeast and Midwest.
Retail real estate
Regional shopping malls
Large enclosed or destination-oriented retail properties designed to serve broad trade areas. CBL's historical portfolio has included major regional malls anchored by department stores, national retailers, restaurants, and entertainment tenants. The company generates value through leasing, property operations, tenant coordination, redevelopment, and management of the surrounding retail environment.
Retail real estate
Community shopping centers
Smaller-scale retail centers serving local and regional communities. These properties typically support a mix of grocery, service, convenience, specialty, and general-merchandise tenants. They complement CBL's mall portfolio by providing exposure to more routine and locally oriented shopping demand.
Real estate services
Commercial property management
Operational services associated with owned and managed retail properties, including leasing coordination, maintenance, tenant relations, marketing support, and property-level administration. These activities support occupancy, customer traffic, tenant performance, and long-term asset value.
Controversies
Brand decisions
2020
Chapter 11 restructuringOtherBackground
The company faced prolonged pressure from changing retail behavior, tenant and anchor-store distress, weakening mall economics, and the additional disruption caused by the COVID-19 pandemic.
Action taken
CBL filed for Chapter 11 bankruptcy protection on November 1, 2020.
Aftermath
The company completed its restructuring and emerged from bankruptcy protection in November 2021.
2017
Rebranding as CBL PropertiesStrategyBackground
The company had operated publicly under the longer CBL & Associates Properties name while its business remained focused on retail real estate.
Action taken
CBL adopted the shorter CBL Properties name and refreshed its corporate identity.
Aftermath
The shorter name became the company's principal public-facing identity.
Recent events
- 2021
CBL Properties emerges from bankruptcy protection[1]
Bankruptcy
CBL completed its Chapter 11 restructuring and emerged from bankruptcy protection in November 2021.
- 2020
CBL Properties files for Chapter 11 bankruptcy protection[1]
Bankruptcy
The retail-property owner filed for Chapter 11 protection on November 1, 2020, amid pressure on the mall sector and the effects of the COVID-19-era retail disruption.
- 2017
CBL Properties changes corporate name from CBL & Associates Properties[1]
Other
The company adopted the CBL Properties name as part of a corporate rebranding, replacing the longer CBL & Associates Properties identity.
Sources4 sources
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