JCPenney At Northgate Mall Is Closing

Wednesday, January 15, 2014

CBL & Associates Properties, Inc. announced the closing of four JCPenney anchor locations, including the one at Northgate Mall.

Stephen Lebovitz, president & CEO, said, “One of our most attractive investments coming out of the recession has been to improve the performance of our properties through redeveloping under-performing anchor locations. The opportunities created by the four JCPenney closures announced today fit perfectly with that objective.

“While we have been encouraged by JCPenney’s recent improvements in sales and traffic, we have been anticipating certain store closures to occur. As we said in our most recent earnings call, we have been proactively engaging in discussions and gauging retail demand with this in mind and are pleased to announce strong interest for the locations expected to close in 2014. Our next steps will be to move forward with negotiations with retailers and finalize redevelopment plans. Once leases are signed, we will share specific retail names joining each mall, as well as construction and opening timelines. The list of retailers interested in these specific locations includes sporting goods, arts and crafts and other box retailers, as well as a traditional department store for one location, all of which will enhance the performance of the malls overall.”

JCPenney announced its intention to close four locations in the CBL portfolio at Hickory Point Mall in Forsyth, IL, Janesville Mall in Janesville, WI, Wausau Center in Wausau, WI, and Northgate Mall in Chattanooga. 

CBL anticipates store closures to occur in the second quarter. Three locations are leased from CBL. The Northgate Mall store is leased from a third party and CBL will work with the building owner to facilitate its redevelopment. The stores aggregate approximately 499,000 square feet and $1.4 million in gross annual rent. JCPenney will continue to pay rent until lease expiration.

Mr. Lebovitz added, “As part of our review process, we analyzed the co-tenancy provisions in small shops leases at these properties and determined that the financial exposure is immaterial. The significant and diverse retail demand for each location demonstrates the strength and resilience of our dominant mall properties. We look forward to the improved growth rates generated from these enhancements.”

Officials said, "Over the past three years, CBL has added or redeveloped more than 75 anchor and junior anchor locations to its portfolio comprising more than 2.2 million square feet. Today, other than locations under redevelopment, CBL has no vacant anchor locations in its core portfolio. The JCPenney stores that are closing are all prominently located in their malls with convenient parking and prime visibility, which will facilitate their repurposing. Based on CBL’s extensive track record of successful anchor redevelopment, similar projects have generally required 12-24 months to complete and an investment of $5–10 million generating initial unleveraged returns in the range of 7-10%. More specific cost and return information regarding the four locations will be announced as plans are finalized."


Fort Oglethorpe Arrest Report For Sept. 12-18

Here is the Fort Oglethorpe arrest report for Sept. 12-18: Zachary Brent Barnes, 24, of 781 Eagle Cliff Drive, Flintstone was arrested September 12 on charges of driving under the influence of alcohol, failure to maintain lane and speeding. Kerri Leigh Carrington, 32, of 407 South Cherokee Street, Lafayette was arrested September 12 on charges of driving while license revoked ... (click for more)

Corker Supports Bill To Train Vetted, Moderate Syrian Opposition In Fight Against ISIS

Senator Bob Corker on Thursday issued the following statement after voting for a three-month authorization to arm and train the moderate Syrian opposition in the fight against the Islamic State of Iraq and Greater Syria (ISIS): “Thus far, the administration has been sophomoric, vague and unprepared to define an approach to ISIS that meets any test of seriousness. I am willing ... (click for more)

Walking Among Memories, The USS LST-325

I have walked among the head stones at Flanders Fields and have seen the entrenchment of soldiers with only bayonet tips sticking out of the earth. Later I traveled to Normandy where I stood on the sand and made scuff marks with my shoes on Omaha Beach and climbed the hill to the magnificent American Cemetery there. I again walked among the many, many tomb stones so neatly and ... (click for more)

Roy Exum: Troubling Jameis Winston

One of the greatest things about the American legal system is that each and every crime is judged on its own merits. Just because Arizona Cardinals running back Jonathan Dwyer and Carolina Panthers defensive end Greg Hardy were each arrested for domestic abuse earlier this week, each National Football League football hero will be given an independent hearing and trial, if need be, ... (click for more)

Hill, Wolfe Help Central Hand East Ridge First 6-AA Loss

On Tuesday, Central dropped its first District 6-AA volleyball match to Hixson. Two days later the Lady Purple Pounders did the same to East Ridge. With Rebekah Hill and Skyler Wolfe leading the rebound from Tuesday’s loss, Central swept East Ridge 3-0 and remained in the hunt for their second straight district championship. Set scores were 25-14, 25-16, 25-22. “The ... (click for more)

Lee Davis A Successful Runner Among Other Things

Lee Davis grew up in Philadelphia, went to college at Elizabethton College in Central Pennsylvania and graduated from law school at Boston University. He also became a pretty good runner during that time. Davis is a high-profile attorney in Chattanooga who does something physical every day.   He doesn’t train like he once did and he doesn’t even like to talk about ... (click for more)