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CBL & Associates Properties Announces New Anchors for Three Shopping Centers.

CHATTANOOGA, Tenn.--(BUSINESS WIRE)--May 14, 1998--CBL & Associates Properties, Inc. (NYSE:CBL) today announced the addition of new anchor stores for three of its shopping centers, Garden City Plaza, a 187,246-square-foot community center in Garden City, Kansas, WestGate Crossing, a 151,489-square-foot associated center in Spartanburg, South Carolina and Springdale Mall, a 926,376-square-foot regional mall in Mobile, Alabama.

The Company stated that arrangements have been completed with Sears for a 96,000-square-foot department store to replace the existing Wal-Mart at Garden City Plaza. In conjunction with Sears' grand opening in October 1998, CBL will complete a renovation of the shopping center. Garden City Plaza opened in 1984 and also includes JCPenney and 42,000 square feet of small shops. The center is currently 96% occupied.

The Company opened a 40,000-square-foot Goody's Family Clothing on April 30, 1998, at WestGate Crossing, which is located adjacent to CBL's WestGate Mall, a 1.1-million square-foot regional mall in Spartanburg, South Carolina. WestGate Crossing was acquired in August 1997 and is being redeveloped and renovated.

As part of its previously announced redevelopment of Springdale Mall in Mobile, which was acquired in September 1997, CBL added a new 33,000-square-foot Goody's which opened on May 7, 1998. In addition, all demolition required for the expansion of the existing Carmike Theater from 6 to 12 screens has been completed. Remodeling of the mall will be completed in late fall 1998.

Commenting on the announcement, Charles B. Lebovitz, CBL's chairman, president and chief executive officer, stated, "Our strategy of developing long-term relationships with both traditional mall and community center retailers provides the opportunity to offer the best tenant mix for markets such as Garden City. I am also pleased to note that our redevelopment plans at WestGate Crossing and Springdale Mall have begun to produce improved occupancy and returns at these centers."

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 123 properties in 25 states totaling 27.1 million square feet, manages an additional 2.6 million square feet of non-owned shopping centers, and presently has under construction five new projects totaling approximately 1.7 million square feet, including one mall, three community centers and one expansion. In 1997, the Company opened 10 new shopping centers, expanded four existing shopping centers and acquired three shopping centers, adding 4.6 million square feet to its portfolio. In 1998, CBL has acquired three regional malls, Asheville Mall in Asheville, North Carolina, Burnsville Center in Burnsville (Minneapolis), Minnesota and Stroud Mall in Stroudsburg, Pennsylvania.

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.

CONTACT: CBL & Associates Properties Inc., Chattanooga

John N. Foy, 423/855-0001
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Publication:Business Wire
Date:May 14, 1998
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