![]() If they do start selling parts of it, there could be some pad site development there.”ĬBL owns about 663,000 square feet of Parkdale Mall’s property, excluding the JC Penney, Dillard’s and former Sears spaces that anchor the mall. ![]() “Maybe not within the mall, but they like the area. “I think people still want that location,” she said. ![]() Sheri Arnold, president of Coldwell Banker Commercial Arnold and Associates, said retail developers have gradually moved their own centers around the perimeter of Parkdale, moving away from being a part of the mall as a central shopping destination, but that doesn’t mean it isn’t still prime real estate. The company has given no indication that something similar would happen with its properties in Beaumont, but the retail scene in the city shares some of the same issues for large box store developers as some of its more troubled properties.ĬBL Properties and management at Parkdale Mall didn’t return requests for comment for this story. The Minneapolis Star Tribune reported last week that CBL listed more than 500,000 square feet of its property at the Burnsville Center mall for auction after missing the interest payments on its $63 million mortgage on the property. In its announcement, the company assured that operations would continue as normal for its tenants and customers as it proceeded through restructuring, but CBL is in the process of shedding some properties. It announced in June it would have to seek negotiations with some of its noteholders after missing an $11.8 million interest payment. The company furloughed about 60% of its staff in April to shore up cash flows while most of its properties were closed to shoppers. This latest move follows months of speculation and negotiations with noteholders after the company, which owns 107 properties in 26 states, announced in the summer that dramatically reduced revenues from rent collection were pushing it toward bankruptcy. “We have continued negotiations with the lenders under our secured credit facility since the signing of the (Restructuring Support Agreement) and expect further discussions in an effort to reach a tri-party consensual agreement between the company, noteholders and credit facility lenders during the bankruptcy process,” Stephen Lebovitz, CEO of CBL Properties, said in the company’s announcement.
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