CBL & Associates Properties Announces Grand Opening of Imperial Valley

    Business Editors

    CHATTANOOGA, Tenn.--(BUSINESS WIRE)--March 9, 2005--CBL & Associates Properties, Inc. (NYSE: CBL) and joint venture partner, The MGHerring Group, today celebrated the grand opening of Imperial Valley Mall in El Centro, CA. The Honorable Cheryl Viegas-Walker, Mayor of the City of El Centro, as well as executives from CBL, The MGHerring Group, Dillard's, JCPenney, Robinsons-May, Sears and UltraStar Cinemas plus other national retailers were in attendance to celebrate the opening of the area's newest and most unique shopping, dining and entertainment destination.
    "Imperial Valley Mall is a phenomenal shopping destination," said Stephen Lebovitz, president of CBL & Associates Properties, Inc. "Imperial Valley Mall will offer the region, including locals and residents of Mexicalli, an exceptional place to shop, dine and simply have fun. We have taken extra steps in creating Imperial Valley Mall in an effort to provide the City of El Centro with a shopping complex they can be proud of. Today is an exciting day and I look forward to a long and successful partnership with our friends in the valley."
    Lebovitz added, "This is an important day for CBL & Associates Properties because it highlights the growth of our company and the nationwide presence we have established in the shopping center industry. Today marks a major milestone for CBL. It is the completion of our first mall development on the west coast and our first owned and managed property in the state of California."
    Imperial Valley Mall is a more than 750,000-square-foot enclosed regional mall with four department stores including JCPenney and Sears, plus two making their debut in the market, Dillard's and Robinsons-May, numerous national, regional and local retailers, a 14-screen UltraStar Cinema and a 10-unit food court. An overwhelming majority of retailers at the mall are making their first appearance in the market including popular retailers Express, Victoria's Secret, Hollister, Charlotte Russe and Forever 21. The mall is 88 percent leased and committed.
    "With the opening of Imperial Valley Mall, this region now has a first-class retail destination with some of the most popular stores in the country today," said Buddy Herring, president of The MGHerring Group. "It has been an honor and privilege to work with our joint venture partner, CBL. It is our pleasure to bring this unique shopping experience to this community."
    Upon completion, the Imperial Valley Mall shopping complex will employ close to 4,000 people and is expected to bring more than $326 million annually in retail sales.
    "Residents of El Centro and the surrounding areas now have a wealth of shopping choices right here in Imperial Valley," said Cheryl Viegas-Waler, Mayor of El Centro. "This mall is an important contributor to the continued growth of our community as we retain consumer spending in El Centro and add a significant employer to our workforce."
    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 owned. CBL owns, holds interests in or manages 171 properties, including 70 enclosed regional malls. The properties are located in 29 states and total 73.8 million square feet including 2.0-million-square-feet of non-owned shopping centers managed for third parties. In addition to Imperial Valley Mall, CBL currently has 10 other projects under construction totaling approximately 1.1 million square feet including an open-air shopping center in Southaven (Memphis, TN), MS, one associated center, three community centers and five expansions. In addition to its office in Chattanooga, TN, CBL has a regional office in Boston (Waltham), MA. Additional information can be found at www.cblproperties.com.
    The MGHerring Group of Dallas, TX, has developed 30 major shopping centers and malls comprising more than 24-million-square-feet of retail in Texas, Louisiana, Mississippi, Alabama, Arkansas, New Mexico and Oklahoma. The MGHerring Group opened Eastern Shore Centre, a 575,274-square-foot lifestyle center located on the Eastern Shore of the Mobile Bay in Spanish Fort, AL, on November 17, 2004. The MGHerring Group is developing two new lifestyle centers in Cedar Hill, TX, and Augusta, GA, which are projected to open in March 2007.

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CONTACT: CBL & Associates Properties, Inc. Investor Contact: Katie Knight, 423-490-8301 or Media Contact: Deborah Gibb, 423-490-8315

KEYWORD: CALIFORNIA TENNESSEE INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION RETAIL SOURCE: CBL & Associates Properties, Inc.

Copyright Business Wire 2005