CBL & Associates Properties to Develop New Shopping Center in Richmond, Virginia.

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Nov. 5, 1998--CBL & Associates Properties, Inc. (NYSE:CBL) today announced plans to develop Chesterfield Crossing, a 450,000-square-foot shopping center in Richmond, Virginia. Construction is expected to commence in Spring 1999 with a grand opening scheduled for Spring 2000.

Chesterfield Crossing will be anchored by a 220,000-square-foot Wal-Mart Superstore and a 130,000-square-foot Home Depot with space available for four additional anchors and 30,000 square feet of small shops. The proposed shopping center is located in the northeast quadrant of the intersection of Route 288 and Route 360.

Charles B. Lebovitz, chairman, president and chief executive officer, stated, "Our active development program continues to play an important role in the growth of our Company. Including six projects currently under construction and Chesterfield Crossing, we will have 2.7 million square feet of new shopping centers opening between now and Spring 2000. With other shopping centers currently in various planning stages, we expect to increase this amount in the coming year."

CBL & Associates Properties, Inc. is a real estate investment trust which owns regional malls and community shopping centers, primarily in the Southeast and select markets in the Northeast and Midwest. The Company has a portfolio of 140 properties in 26 states totaling 33.7 million square feet, including 2.6 million square feet of non-owned shopping centers managed for third parties, and presently has under construction six new projects totaling approximately 2.3 million square feet, including Arbor Place Mall in metropolitan Atlanta, one associated center, three community centers and one expansion. In 1998, CBL has acquired ten shopping centers totaling 6.2 million square feet, including seven regional malls.

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" incorporated by reference therein, for a discussion of such risks and uncertainties.