CBL Properties Announces Acquisition of Gateway Mall in Lincoln, NE and Sale of Open-Air Center

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--CBL Properties (NYSE:CBL) today announced two significant transactions that advance the company’s strategic focus on accretively growing its mall portfolio and increasing cash flow through capital recycling.

CBL has completed the acquisition of Gateway Mall, a market-dominant enclosed shopping center located in Lincoln, Nebraska, for a purchase price of $43.5 million from Washington Prime Group (WPG). The acquisition of Gateway Mall was financed through a $21.0 million non‑recourse, five‑year loan provided by Symetra Life Insurance Company. The loan carries a fixed interest rate of 6.46%.

In a separate transaction, CBL has entered into a firm contract for the sale of an open‑air center at an approximately 8% capitalization rate. The transaction is expected to generate net proceeds after debt repayment of $25 million, with an anticipated close in April.

“Gateway Mall is a high‑performing, well‑located asset in a dynamic and growing market,” said Stephen D. Lebovitz, CEO of CBL Properties. “This acquisition was accomplished at attractive pricing and aligns with our strategy to pursue high-yield enclosed mall opportunities where our operating expertise and capital discipline can drive long‑term value. In addition, the pending sale of another open-air center at an attractive cap rate demonstrates our ongoing progress in recycling capital from stabilized assets into new investments that are accretive to our cash flow yield and support our long‑term growth. We look forward to enhancing the customer experience and strengthening the property’s position as a dominant retail destination for Lincoln and the broader region. Gateway Mall is a natural addition to our portfolio and complements our purchase last year of four market dominant malls, also from WPG.”

About Gateway Mall

Gateway Mall is the dominant enclosed regional shopping center located in Lincoln, Nebraska, serving a trade area of more than 1.3 million residents. The property encompasses approximately 843,000 square feet and features strong small‑shop occupancy of more than 95%. As the only enclosed mall in the region, Gateway Mall benefits from its prime location just three miles from the University of Nebraska - Lincoln and its proximity to major governmental, educational, healthcare, and technology employers.

The center is anchored by a diverse lineup of national retailers, including Dillard’s, JCPenney, Dick’s Sporting Goods, Round 1, H&M, ULTA, Ross Dress for Less, Sierra, Tesla, and Total Wine & More as well as more than 215,000-square-feet of shops and restaurants. With a longstanding position as Lincoln’s primary enclosed retail destination, Gateway Mall plays a critical role in the region’s shopping, dining, and entertainment landscape.

About CBL Properties

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 88 properties totaling 55.6 million square feet across 23 states, including 56 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 25 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included therein, for a discussion of such risks and uncertainties.

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