CBL Celebrates Grand Opening of Chicopee Marketplace near Springfield, Massachusetts; New Shopping Center Offers an Attractive Lineup of National and Regional Retailers.

CHATTANOOGA, Tenn. -- CBL & Associates Properties, Inc. (NYSE: CBL) today celebrated the grand opening of Chicopee Marketplace in Chicopee, MA, a 156,000-square-foot shopping center located in the suburb of Springfield. Local elected officials, retailers and shoppers joined CBL executives during the ribbon cutting ceremony to celebrate the opening of the area's newest shopping destination.

Commenting on the grand opening, CBL & Associates Properties, Inc. President, Stephen Lebovitz, said, "We are excited to celebrate the grand opening of Chicopee Marketplace and bring an attractive lineup of national and regional retailers to area shoppers. The shopping center has a diversified mix of stores that truly complements this area."

Situated on 22 acres at the intersection of Interstate 90 and Route 33 (Memorial Drive), Chicopee Marketplace features Marshall's, Staples, iParty, Sleepy's, Payless ShoeSource, Fashion Bug, Sally Beauty, Olympia Sports, Royal Buffet, Miami Nails, $.99 Depot, Subway, GameStop and Chicopee Savings Bank. The shopping center opened 98% leased and committed. Chicopee Marketplace is located between two existing retailers that own their buildings, a 150,000-square-foot Wal*Mart and a 137,000-square-foot Home Depot.

Lebovitz added, "Chicopee Marketplace is just one of a number of projects that CBL has in its robust development pipeline. In fact, the Boston regional office is currently working on numerous exciting shopping center projects in Pennsylvania, Connecticut and North Carolina."

CBL & Associates Properties, Inc. is the fourth largest mall REIT in North America and the largest owner of malls and shopping centers in the Southeast, ranked by GLA. CBL owns, holds interests in or manages 123 properties, including 72 enclosed regional malls. The properties are located in 24 states and total 67.5 million square feet including 2.0 million square feet of non-owned shopping centers managed for third parties. CBL currently has seven projects under construction totaling approximately 1.3 million square feet. The projects include two open-air shopping centers located in Ft. Myers, FL, and Memphis (Southaven, MS), TN, two community centers and three expansions. In addition to its office in Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA. Additional information can be found at http://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" incorporated by reference therein, for a discussion of such risks and uncertainties.